Dubai Investments, listed on the Dubai Financial Market, has reported net profit of AED350 million ($95.2 million) for the third quarter, an increase of 4.8 percent over the same quarter last year.
The company said net profit for the first nine months of 2017 was AED830 million, down from AED850 million for the same period in 2016.
Total income during the period was AED2.03 billion while total assets reached AED16.73 billion as of the end of September.
Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: “Dubai Investments registered strong results for the first nine months of 2017. Excluding the one-off gain from divestments amounting to AED186 million in 2016, the Company’s net profit has in fact grown by AED166 million."
He said the increase in profit is attributable to an increase in rental income by AED36.8 million and corresponding increase in gain on fair valuation of investment properties by AED126.6 million.
He added: “Dubai Investments is on track to achieve its targets and is progressing with its strategy of enhancing its investments in the healthcare and education sectors. At the same time, the company is focused on various real estate development projects which will monetize its land bank and deliver value to its shareholders.”
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