Heaven is around the corner
Damac Properties’ 2016 results were slightly above our expectations with a 16% decrease in revenues, y-o-y, (-17% forecast) to AED7.1bn and a gross profit of AED3.9bn (a 21% decrease compared to 2015). On the bottom line, the company reported a net profit of AED3.6bn, 18% lower than 2015.2017 has been tough for the company but it managed to complete over 1,600 units in 2016 in DAMAC Hills (previously AKOYA) development. The total deliveries for the year were reported at over 2,400 units.
The board of directors has proposed a cash dividend of 0.25 fils per share, totaling AED1.5bn, subject to the approval of the shareholders in the forthcoming annual general assembly.
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