Sunday 12 July 2020

Khalid Bin Kalban

Dubai Investments posts $130m net profit for H1

DUBAI, July 31, 2017

Dubai Investments, a leading, diversified investment company, has reported net profit of Dh480million($130.6 million) for the first six months (H1) of the year, compared to Dh 516million in the same period last year, marking a decline of 6.9 per cent.

The company’s total assets grew to Dh16.42billionand the total income during the period was Dh 1.28 billion. The results include 8 per cent growth in rental income to Dh 459 million.

The Company’s net profit for the second quarter of 2017 was Dh 191 million, compared to Dh 218 million in Q2 2016.

Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: “Dubai Investments has delivered a solid set of financial results. Excluding the one-off gain from divestments amounting to Dh186 million in the first half of 2016, the company’s net profit has in fact has grown by Dh150 million, an increase of 45 per cent, in the first half this year. The positive results are driven by growth in rental income which has contributed to increase in underlying cash flows.”

“Dubai Investments is positive on the outlook for the remainder of 2017; and progressing on schedule on its various real estate projects across the UAE. The company plans to continue its diversification strategy, aimed at broadening its geographical footprint and branching out into the education and health care sectors whilst growing its asset base and creating value for the shareholders,” Bin Kalban added.

Dubai Investments is currently developing the Mirdif Hills mixed-use project while the Green Community DIP – West Phase III is in the process of being completed and handed over. The Group is also involved in various other real estate developments in the UAE including the Fujairah Business Centre, which is a mixed-use development with hospitality and retail elements and the infrastructure of the Palisades project within Dubai Investments Park.

Dubai Investments portfolio includes 39 subsidiaries and joint ventures across a broad range of sectors and continues to target growth opportunities, both locally and internationally, as part of its strategic, financial and operational roadmap. – TradeArabia News Service

Tags: Dubai Investments | Net Profit | 2017 |

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