Its recognised revenue grew by 94 per cent to $436 million (about Dh1.6 billion), primarily attributed to the handover of Cosmopolitan and Water's Edge, as well as from the land portion of villa sales in Akoya.
Gross profit increased by 89 per cent to $268 million with a 79 per cent growth in net profit. Gross margin remained strong at 61.4 per cent. Operating profit increased by 76 per cent to $205 million, reflecting general growth. Selling expenses and brokerage and commissions
hit $14 million due to increase in sales and staff as business levels expand.
Cash flow generated from operations grew to $308 million, driven mainly by higher booked sales, resulting in increased cash collection from customers during the quarter. The brand's total assets stands at $3,526 million, representing growth of 16 per cent compared to numbers as on December 31, while its development portfolio stood at $1,916 million, having reduced marginally due to handovers.
Booked sales increased 153 per cent while sales remain strong at Akoya and Damac Towers by Paramount. Damac delivered 577 units in this period, and between 4,000 and 5,000 are estimated to be delivered in the rest of the year.
Damac launched a host of new projects last quarter as well, including Celestia, luxury serviced apartments in Dubai World Central. It also introduced a new hotel brand called Naia by Damac.
Hussain Sajwani, Executive Chairman and Chief Executive Officer of Damac, said, "Dubai's economic recovery has supported strong sales in the first quarter. We continue to see solid demand in the luxury market, which is reflected in the growth in rental levels and residential values."
Source: Property Weekly