Real estate boosts Dubai Investments earnings

by This email address is being protected from spam bots, you need Javascript enabled to view it on Thursday, 01 November 2007

Dubai Investments (DI), the UAE's largest diversified holdings firm by market value, said on Wednesday third-quarter profit grew 34.1% on higher building material and property unit sales rose.

Profit in the three months to September 30 rose 34.1% to 267.62 million dirhams ($72.88 million), compared with 199.62 million dirhams in the year-earlier period, Dubai Investments Chief Financial Officer (CFO) Yawar Pasha said.

Dubai Investments operates about 35 subsidiaries, including Emirates Building Systems, which sells steel structures, and Dubai Investments Real Estate, which is building office towers, industrial complexes and residential units in the emirate.

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"All of the group companies performed well and we saw good sales of properties, building materials and manufacturing products," Pasha told Reuters.

Total income in the three-month period jumped 54.6% on higher sales of building materials, manufacturing products and property units, Pasha said.

Total income of 730.71 million dirhams in the third quarter compared with 472.68 million dirhams in the year-earlier period, he said.