Damac Properties recorded a 53% drop in profits to AED 1,092,8 million in the first nine months of 2018, compared to a profit of 2,230.6 million AEDs in the same period last year.
The company's results showed that the profit margin dropped to 35.4% from 49.3% in the first nine months of 2017.
Other operating income of the company decreased by 98% to AED 5.1 million compared to AED 287.5 million in the same period of 2017.
It also indicates an increase in financing costs by 24% to 244.6 million AEDs compared to 199.9 million AEDs in the first nine months of 2017.
The company delivered 3,800 units in comparison with the delivery of 1,923 units in the first nine months of 2017.
The value of reserved sales reached AED 3.2 billion in the first nine months of 2018, while development projects totaled 8.9 billion AED.
DAMAC Properties has completed the delivery of over 21,700 apartments by June 30, 2018. The number of residential units is over 40,000 units at various stages of planning and construction, with more than 10,000 hotel rooms, hotel suites and integrated villas. Managed by DAMAC Hotels & Resorts. DAMAC Properties is building a new generation of luxury lifestyle in the Middle East with a clear vision and panache.
Video and photos: Collection of the first day of "The most important events of the ADIPEC conference" in Abu Dhabi
The ADNOC signs a framework agreement with the Uzbek national bank
Saudi Aramco and Mubadala win the ADIPEC awards
ADNOC signs a new contract with Italian Eni