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FINANCIAL NEWS
UAE’s Damac’s net profit up 65 percent in 9M
13 Jan 2015
(MENAFN) Damac, the property developer, announced that it has registered an increase by 65 percent in its net profit during the January-September period of 2014 to reach USD687.2 million due to an increase in sales from completed projects, Gulf News reported.
The company said also recorded an increase in its revenues by 98 percent to USD1.57 billion in the same period, as well as a jump in its cash flow generated from operations, which grew to USD741.2 million, mainly due to higher booked sales resulting in increased cash collections as advances from customers.
Meanwhile, the company’s total assets grew to reach USD4.86 billion, thus representing 60 percent growth compared to December 2013, led by an increase in cash and bank balances and increase in development properties.
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