Dubai Investments posts profit despite $100m blow

RESULTS OUT: Dubai-listed Dubai Investments announced a profit despite a $100m write-down. (Getty Images)

Dubai Investments, UAE's largest diversified holdings firm by market value, has reported increased profits for 2008, despite taking a hit by a write-down.

Consolidated total income for the years was AED4.4 billion ($1.2 billion), 29 percent more than the previous year while net profit was AED1.6 billion, four percent more than 2007's figure.

The company’s profit for the year from its core business activities increased by 21 percent but results were hit by a $100m write-down on its investment portfolio as the company had to lower the book value of its shares, bonds and structured products to their market value.

Total assets as at Dec. 31 2008 were AED14.1 billion, representing a growth of 38 percent over a year ago.

Net worth to the same period was AED7.2 billion, a growth of 46 percent, the company added.

“Dubai Investments achieved its best ever annual results in spite of extremely challenging economic and financial conditions,” said Khalid Bin Kalban, Managing Director and CEO of Dubai Investments.

“The fundamentals of our business remain strong due to the diversified investment base, and we are well placed to take advantage of potential opportunities in the coming months due to our strong liquidity position.”

Since its founding in 1995, Dubai Investments has set up 46 subsidiary companies in a wide range of sectors from manufacturing to food, from health care and pharmaceuticals to telecommunications.

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