Damac Real Estate recorded a net loss of 36.9 million dirhams in 2019, compared to a profit of 1.15 billion dirhams in the previous year.
According to Al Bayan newspaper, the company recorded a total revenue of 4.4 billion dirhams, and the value of sales booked with the company amounted to 3.1 billion dirhams, and about 4,700 units were delivered during 2019.
The value of shareholders' equity stabilized at 14.1 billion dirhams, while the total value of assets amounted to 23.8 billion.
The company indicated that during 2019 it focused its efforts on completing existing projects and delivering more units.
Last year, the first group of units was delivered at Akoya Residential Complex and other projects in Dubai.
Hussein Sajwani, Chairman of DAMAC Properties, said: “Dubai is the main market for the company.
Where we focused our efforts during the previous period on completing the existing projects in the emirate and handing over more units. We have also selectively launched fewer projects.
He added: We have a stable financial position and good liquidity, and the total debt has been reduced by 1.6 billion dirhams in the past 18 months.
He said: The recent reform directions taken by the UAE leadership have positively affected the sector from launching long-term residence visas to attract the largest number of buyers to establishing a higher committee for real estate planning to ensure a state of balance in the market, in the long term.
He continued: We look forward to a new year full of achievements, especially that Dubai is preparing to host the Expo, as hosting the global event enhances all sectors of the economy in Dubai, which will positively affect the real estate sector.
