Dubai Investments profits jump

PROFITS UP: Real estate investments and property sales drove growth for Dubai Investments in the first quarter. (Getty Images)

Dubai Investments, whose businesses range from glass-making to pharmaceuticals, posted its biggest profit ever in the first quarter on gains in the fair value of its investment property and real estate sales.

Net income in the three months to March 31 rose 11.1% to 488.28 million dirhams ($133 million), or 0.21 dirhams per share, compared with 439.29 million dirhams, or 0.19 dirhams per share in the year-earlier period, it said in a statement on the Dubai bourse website.

The sale of properties soared six-fold to 215.1 million dirhams, and the fair valuation of investment properties gained more than 18% to 341.91 million dirhams, the company said.

Contract and other revenue advanced 55% to 402.86 million dirhams, the firm said.

Among other companies, Dubai Investments owns stakes in Dubai Investments Park Development, Emirates Glass and Marmum Dairy Farm.

Shares of Dubai Investments are up 3.5% this year, compared with a similar decline in Dubai's main stock index. (Reuters)

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