Khalid Bin Kalban ... identifying opportunties
Dubai Investments Q1 net profit rises 5.5pc
DUBAI, April 28, 2016
Dubai Investments, a leading, diversified investments conglomerate listed on the Dubai Financial Market, has reported net profit of Dh297.5 million ($80.97 million) for the first quarter of 2016, a 5.5 per cent increase compared to Dh282 million for the same period last year.
Total income for the period was Dh715 million as compared to Dh543 million for Q1 2015. Total assets rose to Dh15.56 billion, compared to Dh15.25 billion as at December 31, 2015; while the net worth grew to Dh10.97 billion as at March 31, 2016, compared to Dh10.71 billion as at December 31, 2015.
The annualised return on equity achieved for the period was 10.84 per cent.
Khalid Bin Kalban, managing director and chief executive officer of Dubai Investments, said: “As part of our investment process we do a continuous assessment of our investment portfolio to identify divestment opportunities and venture into areas where we see prospects for further growth. Whilst the real estate and investment sectors remain our core focus, we are also diversifying into new sectors and geographies which would yield us benefits in the coming years.”
Kalban added: “The outlook for the rest of 2016 and beyond is positive with various developments in the pipeline. We are finalising acquisition of additional 20 per cent stake in Properties Investments which would increase Dubai Investments' stake to 70 per cent. We are working on setting up Emiroll, an aluminum rolling plant in the Kizad wherein we would have a 30 per cent share. Our partners in this project would be Dubal Holding and Mars, a Singapore-based industrial group.”
Dubai Investments currently owns 37 subsidiaries and joint ventures across a diverse range of sectors and continues to seek new investment opportunities, locally and internationally, as part of its strategic roadmap. - TradeArabia News Service