Dubai Investments Q3 profit soars to $22m
Dubai, November 5, 2012
UAE conglomerate Dubai Investments said its third-quarter net profit more than doubled to Dh81.4 million ($22.16 million) as it booked gains in the value of its investment properties.
The company, in which sovereign fund Investment Corp of Dubai (ICD) owns 11.5 per cent stake, has been eyeing opportunities to divest some of its businesses in the region.
Dubai Investments posted a third-quarter net profit of Dh81.4 million ($22.16 million), compared with a profit of Dh24.9 million for the year-ago period, it said in a bourse statement on Monday. Its revenue for the quarter rose to Dh669.1 million from Dh580.7 million a year-ago.
The UAE firm said the quarterly profit was mainly boosted by a Dh60 million gain on fair value of investment properties. It had booked a fair value gain of Dh8 million for the same period last year.
Dubai Investments, whose manufacturing business was hit by political unrest in the Gulf region, said earlier this year that it was eyeing an exit from some of its businesses and was reviewing such opportunities.
The company, which has interests in several sectors including property and manufacturing, had total assets worth Dh13.7 billion at the end of the third quarter, Monday's statement showed.
The conglomerate has said it wants to raise up to Dh1 billion this year through the issue of sukuk (Islamic bonds) to finance expansion of some manufacturing units and repay debt.
Dubai Investments shares have risen 45.6 per cent year-to-date. They were yet to trade on the Dubai bourse on Monday.-Reuters