Friday 29 March 2024
 
»
 
»
Story

Dubai Investments Q1 profit up 26pc to $72m

Dubai, May 4, 2014

Dubai Investments [DI], a leading investment company listed on the Dubai Financial Market [DFM], posted a 26 per cent increase in its first quarter net profit to Dh265 million ($72.14 million), compared to Dh211 million in the same period last year.

DI reported a consolidated total income of Dh738 million, as against Dh649 million in the same period last year, while the total assets amounted to Dh13.2 billion, compared to Dh12.5 billion as on March 31, 2013. DI’s net worth increased to Dh9.3 billion, compared to Dh8.7 billion at the end of Q1 2013.

The annualized return on equity achieved for the period was 11.4pc, as against 9.7pc in the comparable period last year.

Khalid Bin Kalban, managing director and chief executive officer, Dubai Investments, said: “We are delighted with the results in the first quarter of 2014. While all our businesses have contributed, we have seen significant growth trends in our real estate and manufacturing portfolio. This comes amidst surging investor confidence across the UAE and region, and encouraging trends for our diversified businesses.”

He added: “Subsequent to the highly successful issue of $300 million sukuk by Dubai Investments Park Development Company, a subsidiary of the group and increase in cash generated from the group’s operations, the liquidity position has improved significantly and the group is having available cash balances of more than Dh1 billion. This enhanced liquidity will enable DI to take advantage of market opportunities and several projects are under consideration. We have a strong thrust in developing our real estate business, riding on the crest of the wave of the current upswing in the sector.

“We are excited about the outlook for the rest of 2014 due to improved performance of our underlying entities operating across all sectors. Further, we are edging towards completion of a divestment transaction which will significantly contribute to the group’s profitability.” – TradeArabia News Service
 




Tags: real estate | industry | Dubai Investments |

More Finance & Capital Market Stories

calendarCalendar of Events

Ads