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Tue 31 Jul 2018 02:04 PM

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Dubai Investments says half-year net profit rises to $133m

Dubai Investments boss says increase in total income, net profit and total assets is 'quite encouraging' given challenging economic environment

Dubai Investments says half-year net profit rises to $133m
Khalid Bin Kalban, managing director and CEO of Dubai Investments.

Dubai Investments on Tuesday reported net profit of AED491 million ($133.6 million) for the first six months of 2018, an increase of AED11 million compared to the same period last year.

The company’s total assets grew to AED19 billion compared to AED17 billion as at the end of 2017 while total income during the period was AED1.58 billion.

It added in a statement that the annualized return on equity for the period was 8.34 percent.

Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: “Dubai Investments registered steady growth in its financial results during the first half of 2018. The increase in total income, net profit and total assets is quite encouraging given the challenging economic environment and has been driven mainly by strategic acquisition of Emicool.”

He added that Dubai Investments is working on development of several real estate projects such as Mirdif Hills, Green Community DIP – Phase 3 and Fujairah Business Centre while proposals related to education, healthcare, leisure activities and financial services are being assessed and evaluated.

Dubai Investments subsidiary Al Mal Capital is also working with regulators for launching a mixed-use Real Estate Investment Trust (REIT), which will be listed on the Dubai Financial Market before end of the year, he said.

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