Damac Properties (DAMAC), one of Dubai’s preeminent real estate developers, have announced their 2020 earnings – and the results are nothing to brag about. In fact, Damac lost over AED 1b! And you thought your losses last year were bad.
2020 stands in sharp contrast to 2019 for Damac, when they lost only AED 37m. Strangely enough, total revenues were actually up from 2019, moving from AED 4.4b to AED 4.7b.
Chairman of Damac Properties, Hussain Sajwani, blamed COVID-19 for the steep losses, stating that “2020 was a very tough year for all property developers in the UAE.”
Damac’s investors recoiled after hearing the news, sending shares of the company down by 4.8% on the DFM, which dragged the DFM General Index down by about 0.1%!