DAMAC Properties Enjoys Q2 Profit Surges

The Dubai-listed property development Company has continued its groundbreaking 2015 by tripling its year-on-year net profits

DAMAC Properties has reported better than expected second-quarter profits, more than tripling its year-on-year figures as a result of positive revenue boosts throughout its subsidiaries.

The Dubai-based property development Company is part of the DAMAC Group and, having listed on Dubai’s bourse earlier this year, the privately run developer elaborated that the net profit topped 1.42 billion dirhams ($386.6 million) over the three months to 30 June.

The statement was released to Dubai’s bourse and signified a dramatic increase from the 461.1 million dirham unveiling a year previously.

DAMAC also announced an interim dividend of 10 percent cash and 10 percent bonus shares, with the cash payout being 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 $385.3 million, up from $253.3 million one year ago.

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