LONDON: Damac Properties reported a second consecutive quarterly income decline after property development sales fell sharply.
The developer behind the only Trump-branded golf course development said total comprehensive income declined 19 percent to 704.8 million dirhams ($191.9 million) as the money it earned from property development fell.
Second-quarter revenue dropped to 1.57 billion dirhams from 1.75 billion dirhams a year earlier. Hussain Sajwani, chairman of Damac Properties, gave an upbeat assessment of the market despite the decline in sales.
“The property market in Dubai continues to demonstrate further stabilization, and our medium- to long-term outlook remains positive as Damac continues to develop innovative products that appeal to both end users and investors,” said Sajwani.
Damac is developing thousands of new homes across three main projects in the emirate — Aykon City, Damac Hills and Akoya Oxygen.
It delivered 1,071 units at its Damac Hills project in the first half of the year, bringing the total number of homes handed over to 3,100.
In February, the developer opened its flagship Trump International Golf Club Dubai, the first Trump-branded course to be developed in the Middle East.
Damac is currently building about 5,000 villas at its Akoya Oxygen master community in Dubailand, with a further 1,300 villas scheduled to begin construction in September 2017, the developer said.
Work is also nearing completion on Damac Towers by Paramount Hotels & Resorts, a four-tower, 250-meter high development consisting of over 2,000 units in the Business Bay district. Damac said property development revenues fell to 925.9 million dirhams in the second quarter, compared to 1.44 billion dirhams a year earlier.
However, land sales rose to 644.2 million dirhams from 312.8 million dirhams over the same period.
Damac reports decline in property development sales
Damac reports decline in property development sales
Closing Bell: Saudi main index slips to close at 10,588
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 127.15 points, or 1.19 percent, to close at 10,588.83.
The total trading turnover of the benchmark index was SR2.57 billion ($685 million), as 28 of the stocks advanced and 232 retreated.
Similarly, the Kingdom’s parallel market Nomu lost 108.53 points, or 0.46 percent, to close at 23,719.13. This comes as 22 of the stocks advanced while 47 retreated.
The MSCI Tadawul Index lost 17.17 points, or 1.22 percent, to close at 1,393.34.
The best-performing stock of the day was Sport Clubs Co., whose share price surged 3.69 percent to SR9.00.
Other top performers included Flynas Co., whose share price rose 2.55 percent to SR72.30, as well as National Industrialization Co., whose share price surged 2.13 percent to SR10.09.
Consolidated Grunenfelder Saady Holding Co. recorded the most significant drop, falling 6.61 percent to SR8.90.
Sustained Infrastructure Holding Co. also saw its stock prices fall 5.75 percent to SR30.82.
CHUBB Arabia Cooperative Insurance Co. also saw its stock prices decline 5.72 percent to SR22.40.
On the announcements front, Wataniya Insurance Co. said it has received a notice of award for a one-year contract with Saudi National Bank to provide general insurance as well as protection and savings insurance services, in line with agreed terms and conditions.
According to a Tadawul statement, coverage will begin on Jan. 1, 2026. The contract value exceeds 15 percent of the company’s total revenues, based on its latest audited financial statements for 2024.
Wataniya Insurance Co. ended the session at SR14.35, up 1.92 percent.
Fawaz Abdulaziz Alhokair Co., or Cenomi Retail, has announced executing a SR1.5 billion facility agreement structured as a short-term loan with Emirates NBD – Kingdom of Saudi Arabia. A bourse filing revealed that the financing duration is three years with an option to extend for a total of two years.
Cenomi Retail ended the session at SR20.00, up 0.26 percent.
First Milling Co. has announced the Board of Directors’ recommendation to amend the firm’s bylaws Article “Company Management” to increase the number of board members from seven to eight. This change reflects the firm’s commitment to broadening the range of expertise and skills on its board, in line with its growth and expansion plans for the next phase.
The company reiterated its commitment to fulfilling all necessary procedures and obtaining approvals from the relevant authorities. The recommendation will be submitted to the upcoming General Assembly, with the date to be announced in due course.
First Milling Co. ended the session at SR49.22, down 1.06 percent.
