Damac Properties’ fourth-quarter net profit rises 1.3%

Damac posted a lower yearly profit for 2016 compared to 2015. Victor Besa for The National

Damac Properties reported a 1.3 per cent rise in its fourth-quarter net profit on Tuesday.

The developer reported a net profit of Dh854.6 million for the three months to December 31, Reuters calculated in the absence of a quarterly breakdown. This was up from Dh844m reported for the year-ago period.

Full-year 2016 net profit was Dh3.69 billion, down from Dh4.51bn in 2015, the company said.

The company said its shareholders had approved the distribution of a cash dividend of 25 fils dirhams per share for 2016. That compares with 15 fils per share for the previous year.

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* Reuters

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