Damac continues on upward trend

03.02.2015
Damac said net profit grew to US$937 million last year from $641.5m the previous year.

Profit at Damac shot up 46% last year, despite the recent slowdown in the market, The National reported.

Damac, which is known for signing licensing agreements with the likes of Fendi, Tiger Woods, Donald Trump and Paramount, said net profit grew to US$937 million last year from $641.5m the previous year.

The company, which began trading on the Dubai Financial Market in January after listing on the London Stock Exchange in 2013, reported that revenue for the year grew 64% to $2 billion from $1.2bn the previous year.

Damac attributed the growth to the completion of 3,553 homes in eight projects during the period.


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