DAMAC Properties reports revenue of AED3.7 billion and net loss of AED 931 million for 9M 2020

  • Date: 12-Nov-2020
  • Source: Eye of Riyadh
  • Sector:Financial Markets
  • Country:UAE
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DAMAC Properties reports revenue of AED3.7 billion and net loss of AED 931 million for 9M 2020

DAMAC Properties Dubai Co. PJSC (DFM: DAMAC) ("DAMAC“ or the "Company") announced financial results for the first nine months of 2020. Total revenue stood at AED 3.7 billion vs AED 2.8 billion in 9M 2019. Booked sales for the period stood at AED 1.6 billion vs AED 2.4 billion for the similar period last year.   Net loss for the period was AED 931 million (9M 2019: Profit of AED133 million). Gross profits for the period stood at AED 828 million (9M 2019: AED 838 million). Gross profit margin declined to 22.7% vs 30.3% last year. Total assets stood at AED 21.8 billion compared to AED 23.8 billion as of 31 December 2019.     The global outbreak of Covid-19 and subsequent lockdowns and travel restrictions adversely impacted performance and profitability. Profit continues to be