Dubai Investments CEO says $41m second quarter profit achieved despite 'challenging economic environment'
Dubai Investments on Thursday reported profit of AED151 million ($41.1 million) for the second quarter of 2019, an increase of 17 percent compared to the same period last year.
Profit for the first six months of the year was AED353 million, down from AED491 million in the previous year, the company said in a statement.
It added that these included gains on M&A transactions of AED64 million and AED333 million for the respective periods.
Profits for the first six months of 2019 without considering these exceptional items increased by AED131 million.
The company said its total assets grew by AED1.09 billion during H1 and reached AED20.65 billion as of June 30 while the annualised return on equity for the period was 5.9 percent.
Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: “Dubai Investments has demonstrated its ability to generate strong performance consistently, despite the challenging economic environment. This is due to the group’s resilient and diversified nature, enabling delivery of sustainable results”.
He added: “We are progressing well in our real estate development projects as well as manufacturing and investments sectors. These are expected to contribute to Dubai Investments continued growth in profitability and deliver value to shareholders."
Dubai Investments has a paid up capital of AED4 billion and its portfolio currently holds 35 subsidiaries and joint ventures across 23 sectors.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.