DAMAC Properties Dubai Co. (DAMAC) has posted a net profit of AED4.51 billion ($1.23 billion) for 2015. During 2015, its gross profit was AED5.07 billion ($1.38 billion).

Its revenue was AED 8.54 billion ($2.32 billion) during the year and total assets increased by 25 percent to AED23.45 billion ($6.38 billion) as at Dec. 31, 2015, compared to 2014.

These are among the highlights of results for the year ended Dec. 31, 2015, announced by DAMAC, a major developer of high-end property in the Middle East.

During 2015, total assets grew 25 percent to AED23.45 billion ($6.38 billion), total equity grew 87 percent to AED9.83 billion ($2.68 billion).

Gross debt stood at AED3.76 billion ($1.02 billion) as at Dec. 31, 2015. Cash and bank balances stood at AED9.50 billion ($2.59 billion).

DAMAC continues to maintain a healthy net cash position of AED5.74 billion ($1.56 billion) and gross debt to equity ratio stands at 0.38 as at Dec. 31, 2015.

Booked Sales for the year stood at AED 9.06 billion ($2.47 billion). Area sold during the year was 8.12 million square feet, 3 percent higher than 2014.

DAMAC completed over 2,600 units in 2015, including those in AKOYA by DAMAC, the first master plan development around a Golf course in Dubai.

Other completions in AKOYA by DAMAC include 3 buildings in the G+7 structures totaling 479 units.

DAMAC also completed the first project in Qatar during the year with 512 units in Doha.

Hussain Sajwani, chairman of DAMAC, commented: “The Dubai real estate market is at a consolidation point in the cycle and the rapid growth witnessed in 2012-2014 is now behind us. However, this market creates opportunities for companies like DAMAC.”