Profit for Damac Properties, the Dubai real estate developer and operator of the emirate's Trump International Golf Club, dropped 20 per cent in the third quarter, coming in below an analyst estimate, as the cost of sales leapt 70 per cent.
The developer reported a net profit of Dh719 million for the three months to September 30, down from Dh902m a year earlier. The figure came in below an estimate of Dh780m from EFG-Hermes.
Damac's revenue rose by 30 per cent to Dh2.29 billion for the quarter, coming in ahead of EFG's estimate of Dh1.8bn, helped by a surge in international sales to nearly Dh1bn from Dh20m in the same period last year.
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Off-plan sales driving down Dubai’s residential property prices, brokers say
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However, sales in the UAE declined by a quarter to Dh1.3bn as Dubai's property market remains sluggish.
“Dubai’s property market has been steadily solidifying in 2017, with increasing sales transactions and robust fundamentals, and our medium to long-term outlook remains positive,” said Hussain Sajwani, the chairman of Damac Properties.
“We have a strong value proposition and continue to appeal to a broader spectrum of buyers with a range of products at attractive price points.”
The developer awarded a Dh628m contract in August to build about 1,300 villas within its Akoya Oxygen cluster to Arabtec Construction. Damac said at the time that deliveries on the clusters would start from the second half of 2018 and run through to 2022.
Damac shares ended the day unchanged at Dh3.95.
Fellow Dubai property firm Deyaar Development on Tuesday posted a 40 per cent fall in profit for the first nine months of the year, as the company wrote back provision for impairment of investment in an associate and recorded fair valuation gain on investment properties for the corresponding period last year.
Killing of Qassem Suleimani
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
Killing of Qassem Suleimani
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
The Lost Letters of William Woolf
Helen Cullen, Graydon House
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
