Damas Net Profits Shoot Up 133% in H1

Damas International Limited, the Dubai headquartered jewelry and watch retailer, reported revenues of AED 2.4 billion ($653.42 million) in the first six months of the year, a 33.7 percent growth. Net profits jumped by 132.9 percent to AED 164.8 million ($44.87 million).

The company noted the growth in revenues happened in spite of high gold prices. The financial report is the firm’s first since its listing on the DIFX in July.

Gross profits in the six months ended June 30 rose by 71.4 percent to AED 456.7 million ($124.34 million) and gross margins increased to 19.1 percent. EBITDA increased by 181.1 percent to AED 204.5 million ($55.68 million).

Damas opened 42 stores in the January-June period, bringing the total number to 467 stores, and plans to open 80 more by end of the year.

According to CEO Tawhid Abdullah, market conditions in Damas’ core markets remain good. “We are confident that we will be able to deliver a strong performance for the remainder of this year and into 2009.”