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Dubai Investments reports net profit of $55m for Q1

DUBAI, May 5, 2019

Dubai Investments, a leading diversified investments conglomerate listed on the Dubai Financial Market, has announced a net profit of Dh202 million ($55 million) in the first quarter of 2019, compared to Dh362 million ($98.56 million) for the same period last year.

Profit for the quarter ended March 31, 2018 included an overall gain of Dh333 million on acquisition of a stake in Emirates District Cooling (Emicool), said a statement.

Total assets increased to Dh20.11 billion ($5.44 billion), compared to Dh19.55 billion ($5.32 billion) as at December 31, 2018, while the annualised return on equity achieved for the period was 6.4 per cent, it said.

Khalid Bin Kalban, managing director and chief executive officer of Dubai Investments, said: “Our firm reported gains of Dh333 million in Q1 2018, and Dh55 million in Q1 2019 on its M&A transactions.”

“Excluding these one-off items, the net profit for Q1 2019 has increased by Dh118 million ($32.13 million). This is mainly due to increase in gain on fair valuation of investments which is quite encouraging as it indicates improving market conditions,” he said.

“The company’s outlook for the remaining of 2019 is positive with various real estate developments nearing completion and expected recovery of the manufacturing and contracting segment which will further be boosted by the acquisition of Globalpharma,” Kalban added. – TradeArabia News Service




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