Dubai Investments' net profit surges 59pc in H1
DUBAI, August 5, 2023
Dubai Investments, a leading diversified investment company in the UAE, has announced a 59% increase in its net profit for the first six months which soared to AED580 million ($158 million) from AED364 million ($99 million) last year, while the total income for the group hit AED2.03 billion ($553 million), up 31% over last year.
On its Q2 results, Dubai Investments said its net profit surged by 65% to hit AED266.03 million for the three-month period ended June 30 when compared to AED161.54 million last year.
Total shareholder equity increased to AED12.9 billion as of June 30, 2023, compared to AED12.84 billion as of year ended December 31, 2022, it stated.
On the solid performance, Vice Chairman and CEO Khalid Bin Kalban said: "The increase in net profit is mainly due to the strong performance of the real estate segment underpinned by substantial returns from the investment portfolio. The Danah Bay, Al Marjan Island, Ras Al Khaimah project continues to attract significant interest."
"Whilst the real estate sector remains one of our key business verticals, we are also focused on deploying capital effectively in other value-accretive opportunities," stated Bin Kalban.
"As Dubai Investments progresses into the second half of the year, the Group is upbeat on its overall growth and looks forward to leveraging its expertise in expanding its portfolio and maximizing returns for investors," he added.-TradeArabia News Service
