DUBAI: Dubai developer Damac Properties on Wednesday reported a 20.24 percent fall in third-quarter profit, its third consecutive earnings decline, caused by a steep rise in cost of sales.
Profit for the three-month stretch to September was at Dh719.34 million versus Dh901.96 million during year-ago period, while cost of sales rose a hefty 69.87 percent to Dh1.339 billion from Dh788.56 million, according Damac’s unaudited financial report submitted to the Dubai stock exchange.
Revenue was up 31 percent to Dh2.291 billion from Dh1.748 billion last year.
“Dubai’s property market has been steadily solidifying in 2017, with increasing sales transactions and robust fundamentals, and our medium to long term outlook remains positive. We have a strong value proposition and continue to appeal to a broader spectrum of buyers with a range of products at attractive price points,” Hussain Sajwani, Chairman of Damac Properties, said in a statement.
Damac said it had partnered with the Roberto Cavalli Group for the third-quarter launch of the Just Cavalli project to feature the designer’s signature style in villas at Dubai flagship development AKOYA Oxygen.
The company also reported that it delivered a total of 852 units from its international developments, including the two-tower Damac Esclusiva project in Saudi Arabia and the three-tower The Heights project in Jordan, Damac’s first development in the said country.
“Construction continues on circa 6,300 villas at AKOYA Oxygen, and the 18-hole championship golf course continues to take shape,” Sajwani said.
“The community’s amenities, including wellbeing facilities and retail outlets, in addition to hospitality and food and beverage elements, are in various stages of planning and progress.”
Dubai developer Damac Properties reports 20% fall in third-quarter profit
Dubai developer Damac Properties reports 20% fall in third-quarter profit
King Abdulaziz Airport among world’s busiest after record-breaking 2025
RIYADH: King Abdulaziz International Airport has achieved a new historical milestone, reaching 53.4 million passengers in a single year.
This is the highest number ever recorded at a Saudi airport since the beginning of air travel in the Kingdom, placing it among the world’s mega airports in terms of passenger traffic, according to the Saudi Press Agency.
The airport handled a total of 310,000 flights and 60.4 million bags, representing a 12 percent increase compared to 2024. It also handled 9.57 million Zamzam water containers and 2,968 cargo flights.
This achievement reflects the airport’s qualitative transformation and its position as a regional hub and national gateway connecting the Kingdom to the world. It also highlights its role in facilitating the movement of visitors and pilgrims, promoting tourism in line with the goals of Vision 2030, diversifying the economy, and providing a distinguished travel experience.
For his part, CEO of Jeddah Airports Co. Mazen Johar, affirmed that reaching 53.4 million passengers confirms the airport’s high operational readiness and represents a pivotal milestone for moving to the next phase, in preparation for doubling this number, God willing, in the coming years.
He pointed out that this national achievement would not have been possible without the grace of God Almighty, followed by the directives of the wise leadership and the continuous follow-up from the minister of transport and logistics, the president of the General Authority of Civil Aviation, and the CEO of Airports Holding Co.
He explained that King Abdulaziz International Airport is strengthening its position as a major aviation hub in the region through expansions, increased capacity, and improved services, supporting the objectives of the aviation program and aligning with the goals of the Kingdom’s Vision 2030.
The CEO of Jeddah Airports Co. expressed his gratitude to the partners in success from various government and private sectors for their fruitful cooperation through a collaborative work system that contributed to providing the best services.
