Dubai master developer Damac reported a net profit of Dh1.4 billion in 2022 (as compared to a loss of Dh528 million the year before), resulting from revenues that reached Dh3 billion, helped by new launches including the Cavalli tower and the Lagoons (from Dh2.96 billion). The total assets at year’s end were Dh21.56 billion.
Damac has benefited greatly from the sudden increase in interest in off-plan real estate purchases in Dubai, with the water-themed Damac Lagoons proving to be an immediate hit. The business has also changed from being publicly listed to once again being fully owned by Hussain Sajwani, who founded it.
Apart from the Lagoons, Damac relaunched the Cavalli project through 2022, and with its Swiss “jeweler” relationship, it also announced a number of high-rise projects in the Safa area. The Paramount-branded properties were another example of how its efforts to diversify the hotel portfolio were successful.
Going forward, Damac will have assets worth Dh7.53 billion for development and sales, which will include finished residential and commercial properties worth Dh1.3 billion, land held for mixed-use development and sales for Dh222 million, and properties that are now being built (of Dh6 billion).
The Damac umbrella also includes international projects and Sajwani-controlled investment firms in London, Miami, and Central Europe.
The amount of debt listed on the Damac books is Dh1.2 billion, representing a gross debt-to-equity ratio of 0.13.