Dubai Holding unit triples profit to $900m

Dubai gov’t flagship company reports 178% increase in net profit
Dubai Holding unit triples profit to $900m
H.E. Mohammad Abdulla Al Gergawi, chairman of Dubai Holding.
By Reuters
Sun 30 Mar 2014 10:45 AM

The ruler of Dubai's flagship company, Dubai Holding, said on Sunday its unit Dubai Holding Commercial Operations Group (DHCOG) has almost tripled its 2013 net profit to AED3.3 billion ($900m) thanks to a surge in core operational revenues.

DHCOG, which runs four businesses operating in 24 countries, reported a 178 percent increase in net profit from AED1.2 billion a year earlier, the company said in an emailed statement.

During the year, total revenues rose by 27 percent to AED11.6 billion, while total assets reached AED116 billion.

It incorporates hotels group Jumeirah, business park TECOM Investments and Emirates International Telecommunications, as well as a real estate division, Dubai Properties Group.

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