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FINANCIAL NEWS
Damas posts $1.15m earnings, returns to profit
01 Dec 2010
(MENAFN) Anan Fakhreddin, CEO of Damas International, announced that the company has achieved $1.15 million net profit during its fiscal half ending September, rebounding from a massive loss of $194.2 million, year on year, Arabian Business reported.
According to Fakhreddin, Damas has extended a standstill agreement with the majority of its lenders until the end of December as it restructures debts of around $872 million.
The Dubai-based gold jewellery retailer suffered a major hit during 2009, after attempting to recover $165 million lost in �unauthorized transactions� from its founders, the Abdullah Brothers.
As a result, Dubai�s regulator ordered the firm to dismiss the board and pay fines for failing to exercise proper governance. However, three months after the brothers were dismissed by regulators, Damas appointed them as senior advisers.
More News
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BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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