DAMAC Properties Dubai Co PJSC (DFM: DAMAC) (“DAMAC” or the “Company”), a leading developer of high-end and luxury residential property in the Middle East, announces results for the twelve months ending 31st December 2014.
– Net profit of AED 3,483.3 million in the twelve months to 31st December 2014
– Dividend: A share dividend of AED 0.10 per share representing 500 Million bonus shares (on a capital of 5 billion shares) is proposed by the Board of Directors for the year ended 31st December 2014
– Annual General Meeting – Board proposes AGM for late March 2015
Hussain Sajwani, Chairman of DAMAC, commented: “We are delighted to present such strong results for 2014 which reflect our position at the forefront of luxury real estate in the region. As we embark on a new and exciting journey as a listed company in our home city of Dubai, we look to solidify our position and drive growth for our home owners and shareholders alike. We have a firm belief in Dubai’s fundamentals and see the market maturing and continuing to grow in the coming short to medium term.
2014 was a year of continued delivery and expansion of our product range. DAMAC launched many new products; expanded our relationships with key brands, an area which has become a cornerstone of the DAMAC proposition.
During the year we completed 8 projects including Capital Bay, Executive Bay, Cosmopolitan, Waters Edge, The Vogue, Lincoln Park and Lakeside (partial) as well as our first international development, Al Jawharah in the Kingdom of Saudi Arabia which is testament to our ability to enter new territories and deliver on the platforms that we have built in these markets. 3,553 units were completed and delivered during 2014 with cumulative units delivered till date at 12,866 units.
The launch of AKOYA Oxygen was a key milestone during 2014. Spread over 55 million sq. ft. with a championship golf course designed by Tiger Woods and operated by the TRUMP Organisation.
We also launched the ‘The Drive’ at AKOYA by DAMAC, a 2.5 km retail strip with major retail, entertainment and hospitality attractions such as the first outdoor ice rink, hotels and hotel apartments projects.
We expanded our serviced and hotel apartment offering, and have been quick to capitalise on this growing segment of the market. In 2014 we opened four hotel apartment developments and have a significant pipeline of 10,000 hospitality keys under development.
Against the backdrop of economic growth and a stabilisation of real estate prices in Dubai, we believe that DAMAC will continue to benefit from customer demand for our product.”