E-Paper

UAE

Life and Living

World

Opinion

Business

Sports

Entertainment

Dubai World Cup

lifestyle

Travel

Reviews

Brands

Supplements

KT Events

KT APPDOWNLOAD

Dubai's Damac Properties Q2 profit surges

Top Stories

UAE announces 2-month grace period for residence visa violators

UAE announces fee refund for tax service charges from August 1

Paid parking in Dubai: Residents face up to Dh4,000 extra yearly costs when new rates kick in
Dubai’s Damac Properties Q2 profit surges

Dubai - Damac also announced an interim dividend of 10 per cent cash and 10 per cent bonus shares.

By Reuters

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Wed 5 Aug 2015, 1:03 PM

Last updated: Wed 5 Aug 2015, 3:07 PM

Dubai's Damac Properties on Wednesday said its second-quarter profit more than tripled as its subsidiary's revenue rose.
The privately run developer, which listed on Dubai's bourse in January, reported a net profit of 1.42billion dirhams ($386.6 million) for the three months to June 30, according to a statement to Dubai's bourse. This was up from 461.1million dirhams a year earlier.
Damac also announced an interim dividend of 10 per cent cash and 10 per cent bonus shares. The cash payout will be its first since listing in Dubai.
Damac Real Estate Development, Damac's wholly-owned subsidiary and owner of all its real estate assets, made a second-quarter profit of $385.3million, up from $253.3million a year ago.
This unit's quarterly revenue was $630.9million, of which $368.8million was from constructed apartments and $262.1million from land sales. Total quarterly revenue for the prior-year period was $556.1million.


More news from