Tue, 04/03/2014 - 15:20
DAMAC Real Estate Development saw a 77 per cent increase in revenues in 2013 to USD1,224.3m from USD692.0m in 2012.
The company has also reported a 180 per cent increase in gross profit to USD788.0m (2012: USD281.4m) and a 199 per cent increase in operating profit to USD636.4m (2012: USD212.6m).
Operating margin increased 21.3 per cent to 52.0 per cent (2012: 30.7 per cent), with a 202 per cent growth in profit for the year to USD641.5m (2012: USD212.5m), and a 34 per cent increase in total assets to USD3,041.5m (2012: USD2,270.3m).
Cash and cash equivalents at 31 December 2013 totalled USD545.7m (31 December 2012: USD105.8m), while the company’s net cash position at 31 December 2013 stood at USD492.9m (2012: USD14.8m).
Net cash generated from operating activities grew to USD484.1m (2012: USD26.6m)
Hussain Sajwani, executive chairman and chief executive officer of DAMAC, says: “2013 was a transformational year for DAMAC, with a significant increase in sales and profitability. This was achieved against the backdrop of a recovery in the Dubai economy and the real estate market which allowed us to launch innovative new projects including our first master development ‘AKOYA by DAMAC’, into an environment where high customer demand for luxury product far exceeds a low supply.
‘’2014 has started well and we are well positioned for continued robust growth, albeit on a more measured basis in the medium to long term. It is particularly pleasing to note that our brand is now synonymous with the highest quality luxury developments, not just in Dubai, but throughout the Middle East.
‘’Following our successful listing on the London Stock Exchange, we now look forward to another busy and successful year.”
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