Damac Properties reports net loss despite rise in revenue ...United Arab Emirates

Damac Properties has reported a total revenue of AED 4.7bn for the year 2020, which, though higher than the AED 4.4bn recorded in 2019, came with a net loss of AED 1,039m for the financial year. A statement from the Dubai-based property developer announcing its audited 2020 financial results also said that booked sales for the period stood at AED2.3bn compared to AED3.1bn in 2019. The company had also reported a net loss for the 2019 financial year, which, at AED 37m was much lower than 2020. Total assets for the 2020 financial year stood at AED 21.1bn compared to AED 23.8bn on December 31, 2019. “The lasting effects of Covid-19, which has devastated economies across the globe, has understa

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Damac Properties reports net loss despite rise in revenue ...United Arab Emirates

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