Dubai's Damac Properties Q3 profit falls 20% - Gulf Business
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Dubai’s Damac Properties Q3 profit falls 20%

Dubai’s Damac Properties Q3 profit falls 20%

Cost of sales in the third quarter grew to Dhs1.3bn

Developer Damac acquires Dhs 1.26bn of land near Dubai Canal

Dubai’s Damac Properties, the owner and operator of the only Trump-branded golf club in the Middle East, reported a third consecutive profit decline on Wednesday as costs of sales rose.

The developer’s profit fell 20 per cent in the July-September period to Dhs719.34m ($195.86m) compared with the same quarter a year prior when it reported a Dhs902m profit.

Revenue rose by 31 per cent to Dhs2.29bn, and the cost of sales increased to Dhs1.3bn, from Dhs788.6m in the year-earlier period.

Damac, Dubai’s second-largest developer, hosted U.S. President Donald Trump’s eldest sons Donald Trump Jr. and Eric Trump in February for the opening of the Trump International Gulf Club Dubai.

Trump’s brand to the Middle East has improved since he visited Saudi Arabia in May to meet with regional leaders, DAMAC Chairman Hussain Sajwani told Reuters in August.

Trump World Golf Club Dubai, a second golf project planned by Damac, is set to open by the end of 2018.

Sajwani has said that there are no more projects planned with the Trump Organization.


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