Monday 20 September 2021

Dubai Investments net profit surges 47pc in H1

DUBAI, August 5, 2021

Dubai Investments has reported a 47 per cent surge in net profit for the first half which soared to AED302 million from AED205 million for the same period last year. 
The increase in net profit for the six-month period ended June 30 as is mainly due to enhanced performance of the manufacturing and contracting and investment segments, the company said in a statement on Thursday.
Total income for the period also increased by 51 percent to AED1.72 billion as compared to AED1.14 billion for the previous period as the Group ramped up sales in its property segment.
During the H1 period, the Emirati group acquired an additional 21.53 percent interest in National General Insurance (NGI) during the current reporting period. Subsequently, it further acquired 15.19 percent interest in NGI, taking its total stake to 45.18 percent.
Commenting on the results, Vice Chairman and CEO Khalid bin Kalban said: "We’re pleased to see that our activities in the first half of the year have led to all-around growth that is quite promising. As we move forward with our plans for the latter half of 2021, we expect to continue building on the momentum and successes achieved so far."
"Key amongst these is our commitment to diversifying into healthcare and education, as well as focus on real estate, including the ongoing development of mixed-use communities in Mirdif Hills and Fujairah. We also continue to explore opportunities for sustainable growth across the sectors that we operate in and look forward to sharing updates on these in due course," he added.


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