Dubai-based real estate developer Damac Properties reported net profits of AED 2.84 bn in the first nine months of 2016, marking a drop of 23% compared to the same period last year, according to an earnings release on Sunday.
Damac also reported revenues of AED 5.12 bn and a gross profit margin of 57%. Total assets of the company amounted to AED 24.34 bn, a slight increase compared to the AED 23.45 bn at the end of 2015.
The company says it “Still expects to meet the lower end of the guidance range of 2,700 to 3,000 units from incremental deliveries in Dubai,” despite some unforeseen delays in international projects.
Booked sales stood at AED 5.3 bn for the first nine months with Damac stating it was still aiming to reach full year sales of AED 7 bn during the “seasonally strong 4Q 2016.”