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Dubai’s Damac Properties Q2 profit surges

Dubai’s Damac Properties Q2 profit surges

The developer reported a net profit of Dhs 1.42bn ($386.6m) for the three months to June 30

Dubai’s DAMAC Properties on Wednesday said its second-quarter profit more than tripled as its subsidiary’s revenue rose.

The privately run developer, which listed on Dubai’s bourse in January, reported a net profit of Dhs 1.42bn ($386.6m) for the three months to June 30, according to a statement to Dubai’s bourse. This was up from Dhs 461.1m a year earlier.

DAMAC also announced an interim dividend of 10 per cent cash and 10 per cent bonus shares. The cash payout will be its first since listing in Dubai.

DAMAC Real Estate Development, DAMAC’s wholly-owned subsidiary and owner of all its real estate assets, made a second-quarter profit of $385.3m, up from $253.3m a year ago.

This unit’s quarterly revenue was $630.9m, of which $368.8m was from constructed apartments and $262.1m from land sales. Total quarterly revenue for the prior-year period was $556.1m.

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