DAMAC Properties Dubai Co PJSC, a leading developer of high-end property in the Middle East, posted AED792.9 million ($215.8m) net profit in the quarter ending March 31, 2015. It registered a 7% increase in revenues of AED1,785.7 million ($485.9m) in the period, the company said in a statement. Total assets reached AED 20,413.9 million, ($5,554.7m), representing growth of 8% compared to the previous quarter. Cash and bank balance grew 21% at AED8,032.6 million, ($2,185.7m) from the preceding quarter. Advances from customers stood at AED7,850 million, ($2,136.1m) as of March 31, 2015. Hussain Sajwani, Chairman of DAMAC, said: “The first quarter of the year has seen the company build on its strong performance and results achieved for the full year 2014. Booked sales for the first three months of 2015 show that there continues to be strong interest in the right product at the right price.” He added “in the period we saw recognized revenue to AED1.79 billion and a gross profit of AED1.14 billion. The company generated net profit of AED793 million during the quarter.” In regards to our key home market of Dubai, the Emirate is continually outperforming real estate markets around the world with long-term, stable growth patterns and we have seen demand for luxury property remain solid, underlining the Dubai's position as the region's primary business and tourist destination. The Dubai market continues to mature and we are confident that this will bring long-term stability to the sector. Moreover, Sajwani said “we are pleased with the continuous positive response to our product lines, from buyers all over the world within our master developments and luxury hotel offering. We are firm believers in the Dubai property market – it is our home and I believe we are set for a period of steady, sustained growth in the medium term.” The Board of Directors of the Company will recommend to the annual general meeting a cash dividend of at least 25% of the paid up share capital (AED 5.5 billion) for each of the years 2015 and 2016. For 2015, the dividend payment will be made over at least 2 payments: an interim of 10% and a final payment of 15%. — SG
