UAE Damac Properties recorded losses of 106 million dirhams in the first quarter of 2020, compared to a net profit of 31 million dirhams in the first quarter of 2019.
According to Arabia Net, the company recorded a total revenue of 1.2 billion dirhams during the first quarter of 2020, and the value of sales booked for the same period amounted to 733 million dirhams, approximately the same The value achieved during the first quarter of 2019.
The value of the gross profit reached 312 million dirhams, with a profit margin of 25%, while the value of the total assets of the company recorded 23.3 billion dirhams, compared to 23.8 billion dirhams on December 31 2019, according to Al-Khaleej newspaper.
As of March 31, 2020, the total debt amount reached 3.5 billion dirhams, while the value of cash liquidity reached 4.6 billion dirhams.
The value of the developed properties reached 9.4 billion dirhams, and the value of shareholders ’equity stood at 14 billion dirhams, as of March 31, 2020, and the company's debt was reduced by 362 million dirhams during The first quarter of 2020.
In 2020, we will continue to focus on completing projects that are already under development, and our strategy is in line with the urgent need to create a balance between supply And demand in the Dubai real estate market.
