Steady Quarter
Damac Properties has released its Q1 2017 figures showing a 20% increase, yoy, in its revenue to AED1,945m. On the other hand, the company’s direct costs increased by 40%, yoy, which resulted in a 700-bp loss in its gross margin to 54% (vs. 61% in Q1 2016).The company managed to keep its GA&S expenses under control at around 13% of its sales. Other operating income took a hit decreasing by 71%, yoy, to around AED90m.
On the balance sheet side, the company’s WCR increased by AED866m mainly driven by the doubling of its account receivable (net of customers’ down-payments) to reach AED1.2bn (vs.
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