(MENAFN) Damac Real Estate Development Limited said that it has registered a growth in its revenue by 98 percent to USD1.57 billion during the January-September period of this year, compared with USD792.5 million registered during the same period last year, Saudi Gazette reported
The developer said that its revenue growth is attributed to the completion and handover of 2.581 units across 7 projects as well as the sale of land, which generated revenue of USD600.5 million and accounted for 38 percent of its total revenue during the first nine months of this year.
During the first nine months of this year, the developer's gross profit increased by 84 percent to USD909.5 million compared with USD493.5 million for the same period last year, while its net profit grew by 65 percent to hit USD687.2 million for the same period compared with USD416.4 million in the same period of 2013.
Damac also said that its revenue during the July-September period of 2014 surged by 259 percent to reach USD577.3 million, in comparison with USD160.6 million registered in revenue during the same period in 2013.
During this year's third quarter, Damac's gross profit grew by 274 percent to USD340 million in comparison with USD90.8 million registered in last year's third quarter, as well as registering a growth in its net profit, which increased by 166 percent to USD224.3 million, compared with USD84.4 million posted during the third quarter of last year.
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