Sunday, July 31, 2011

Damas announces net profit of AED 53 million



Jewellery retailer becomes the turnaround story of the year

Dubai, UAE (July 31, 2011): Damas International Limited (Damas), the Middle East’s

leading jewellery retailer, has today (Sunday, July 31, 2011) announced a net profit of

AED 53.3 million for the financial year ended 31 March 2011. Damas had reported a loss

of AED 2 billion in the previous financial year.

“Combined efforts have enabled Damas to achieve these robust results and strengthen its

stature as the regional jewellery trendsetter and market leader,” said Ibrahim Belselah,

Chairman of Damas. “The highlight of our performance was the achievement of

successful financial restructuring, for which I would like to thank the banks and financial

institutions for their support.”

Anan Fakhreddin, Chief Executive Officer (CEO) of Damas, added: “The management

focus of the past financial year has been on stabilizing the business, and a lot of

progressive reforms were implemented to this effect. These initiatives have enabled

the company to consolidate its market share and achieve AED 2.95 billion in sales this

period. ”

“The resilience of the underlying business model enabled Damas to bounce back and

register strong performance within a year of having reported losses owing to impairment

provisions. Our performance in the past financial year reflects a high benchmark that we

have again set ourselves moving forward. We are proud of our achievement and success,”

Fakhreddin concluded.

About Damas:

The journey of Damas began in 1907. It has grown from a UAE based company into a global fashion and
jewellery network spanning the Middle East and South Asia. Damas houses internationally acclaimed
jewellery and watch brands such as Tiffany & Co., Mikimoto, Carrera y Carrera, Paspaley, Pasquale Bruni,
Roberto Coin, Fope, Chronoswiss, Parmigiani, Perrelet, Quinting, Montega, Frederique Constant, among
many others. Damas International Limited is listed on Nasdaq Dubai (former Dubai International Financial
Exchange) and its shares are traded under the ticker ‘DAMAS’.

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