Damac Properties, the Dubai-based real estate company, said its full-year net profit fell 25 per cent, weighed down by higher cost of sales, rise in expenses and depreciation charge.
The drop in net income came despite a 4 per cent increase in revenues as the fortunes of Dubai real estate market improved.
Net profit dropped to Dh2.76 billion in 2017 from Dh3.69bn in 2016, Damac said in a filing with the Dubai Financial Market, where its shares are traded. Revenues for the 12-month period to December end rose to Dh7.45bn from Dh7.16bn reported in 2016.
Cost of sales climbed to Dh3.82bn during the last financial year compared to Dh3.16bn in 2016 while eneral, administrative and selling expenses increased to Dh1.06bn from Dh859.4 million over the same period, the company said. Depreciation costs rose to Dh26.4m at the end of last year from Dh15.3m in 2016, it added.
The developer did not give a breakdown for the fourth quarter earnings.
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Read More:
Damac's founder ready to sell 15 per cent stake
Damac's Q3 profits down 20% as cost of sales soar
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Damac August awarded a Dh628m contract to build 1,296 villas and a 55 million square feet green development to Arabtec Construction.
Damac Properties' chief executive and founder Hussain Sajwani told Bloomberg last month that he would be "more than happy" to sell as much as 15 per cent of his majority stake in the company to boost the trading in its shares.
COMPANY%20PROFILE
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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Killing of Qassem Suleimani
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
RESULT
Everton 2 Huddersfield Town 0
Everton: Sigurdsson (47'), Calvert-Lewin (73')
Man of the Match: Dominic Calvert-Lewin (Everton)