Damac Properties' losses doubled by 2717% to reach 1.039 billion dirhams (about 283 million dollars) in 2020, compared to 37 million dirhams (about 10.1 million dollars) in 2019.
The value of total assets stabilized at 21.1 billion dirhams, by the end of 2020, after it reached 23.8 billion dirhams on December 31, 2019.
DAMAC cut its quarterly losses by 36% to reach AED 107 million.
According to Arabiyanet, the company said in a statement that it is logical that the ongoing crisis caused by the Covid-19 pandemic, which affected the world's economies, has affected Damac's profit margin. Real estate, and the global closure and travel restrictions, along with the decline in global travel, have negatively affected the real estate market in Dubai.
the company's total revenues reached 4.7 billion dirhams in 2020, compared to 4.4 billion dirhams in 2019, and the value of booked sales reached 2.3 billion dirhams in the same year, compared to 3.1 One billion dirhams in 2019.
total debts reached 3.2 billion dirhams by the end of December 31, 2020, while the value of cash and bank balances reached 4.2 billion dirhams, and the value of shareholders' equity stabilized at 13 billion dirhams on 31 December 2020, the company also witnessed a remarkable decrease in its total debt by 0.65 billion dirhams during 2020.
Damac Properties Chairman Hussain Sajwani said that the year 2020 has been very difficult for all real estate developers in the UAE, including DAMAC, and as a result of the continuing outbreak of Covid- 19 Around the world, the tourism sector has been affected significantly, especially as it is a major tributary of Dubai's economy and its real estate market.
He continued: In spite of this, I expect that the real recovery will take 12 to 24 months, so we must be patient and adopt smart and innovative solutions in the next stage. < / p>
