Damac profits, sales fall as Dubai property market 'corrects'

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Damac Properties on Thursday reported big decreases in annual net profit and home sales as the Dubai real estate market continues to "correct itself". The Dubai-based developer reported total revenue of AED6.1 billion, while net profit stood at AED 1.15 billion, down from AED2.76 billion in 2017.Booked sales for the same period were reported at AED4.3 billion, down from AED7.5 billion in 2017, while total assets stood at AED 25.2 billion.

Source: https://www.arabianbusiness.com/news/416420-damac-profits-sales-fall-as-dubai-property-market-corrects

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