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14-Aug-2017

Damac 2Q17 contracted sales up 10% Y-o-Y, net income down 21%; both in line

Damac Properties (Damac) reported its financial results for 2Q17. Contracted sales were at AED1.8bn (+10% Y-o-Y, -20% Q-o-Q, in line with EFGe), bringing 1H17 total to AED4.0bn (+10.2% Y-o-Y). Revenue came in at AED1,570mn (-10.5% Y-o-Y, -19.3% Q-o-Q, EFGe: -7.6%), bringing 1H17 revenue to AED3,516mn (+4.2% Y-o-Y). Net income was at AED704.8mn (-20.5% Y-o-Y, -19.9% Q-o-Q, EFGe: -2.8%). Total debt rose 25% Q-o-Q to reach AED5.4bn mainly on the back of the issuance of a USD500mn (AED1.8bn) sukuk in Apr-17, which is set to mature in 2022. 

DAMAC Properties (DU): DAMAC.DU3.92 as of 13 Aug. 2017, Rating: Sell, TP: DAMAC.DU2.63/share, MCap: USD6,462mn, DAMAC UH/DAMAC.DU

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