Dubai Developer Reports 202 Percent Growth in Profit

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Dubai luxury property developer Damac announced a 202 percent increase in profit for 2013, due to increased sales during the property market's recovery.

The developer reported $641.5 million in annual profit for 2013, compared to $212.5 million in 2012, although it didn't state which profit measure it used. 

Damac, which listed its shares on the London Stock Exchange in December, reported a 77 percent increase in revenues to $1.2 billion in 2013 from $692 million the year prior. 

"This was achieved against the backdrop of a recovery in the Dubai economy and the real estate market which allowed us to launch innovative new projects," Hussain Sajwani,  chief executive of DAMAC, said in the announcement. "2014 has started well and we are well positioned for continued robust growth, albeit on a more measured basis in the medium to long term."

The developer reported it booked sales worth $2.5 billion in 2013, compared to $661 million in 2012. 

Since the market crash, Dubai's home prices have increased more than 20 percent after falling by more than 50 percent from a peak in 2008. Dubai's property prices are forecast to outgrow all global markets this year. 

Fellow Dubai developer Emaar Properties announced a 21 percent increase in annual profit.