Dubai Investments said on Sunday that its net profit for the first six months of the year more than doubled, on the back of gains from the divestment of one of its assets.

The conglomerate, in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, posted a net profit of 805 million dirhams ($219.2 million) in the six months to June 30, compared with 370 million dirhams in the same period of 2013.

The company did not provide quarterly figures but Reuters calculated a net profit of 540 million dirhams in the second quarter based on financial statements. This would be more than three times the 158.5 million dirhams it made last year.

In May, Dubai Investments divested a 66 percent equity stake in its wholly-owned pharmaceutical unit Globalpharma to an investor group led by French drugmaker Sanofi. This contributed a profit of 472 million dirhams ($128.4 million) for the first-half period, the statement added.

Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: “We are quite pleased with the way 2014 has progressed so far. In Q1 2014, DI concluded a historic $300 million Sukuk issuance and now in Q2 we have successfully concluded a strategic divestment of 66pc interest in Globalpharma. These transactions have reinforced our position as a major player in the UAE business landscape and have placed us in a good position to capitalize on the available opportunities, and create further value for our shareholders.”

“Our divestment in Globalpharma was well-timed as we capitalised on the rapid growth in the pharmaceutical sector in the region. With the direction and backing of DI, the management executed a successful strategy and created an opportunity for a lucrative divestment,” Kalban added.

DI owns around 35 subsidiaries and joint ventures encompassing a diverse range of sectors including manufacturing of construction-related materials, fast moving consumer goods, pharmaceuticals, industrial and commercial properties, real estate management and property development, information technology solutions, driver education, district cooling and financial investments. – Reuters and TradeArabia News Service