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Mon 1 Aug 2016 12:19 PM

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Dubai Investments Q2 net profit slips 2.3%

CEO Khalid Bin Kalban said company will continue its diversification strategy, aimed at broadening its geographical footprint

Dubai Investments Q2 net profit slips 2.3%
Khalid Bin Kalban, Managing Director and CEO of Dubai Investments.

Dubai Investments reported a 2.3 percent fall in second-quarter net profit on Monday.

The conglomerate, in which sovereign fund Investment Corp. of Dubai owns an 11.5 percent stake, made a profit of 218.4 million dirhams ($59.5 million) in the three months to June 30, it said in a statement.

This compares with a profit of 223.4 million dirhams in the corresponding period of 2015.

Dubai Investments said its net profit attributable to shareholders reached AED 516 million ($140.48), which is 2% higher than the previous year's figure.

Total income during H1 was AED 1.37 billion ($373m), which represents an 18% increase compared the same period in 2015. The company grew its rental income by 20% and had an 8% increase in contract revenues.

"Dubai Investments delivered a solid set of financial results, completed a number of important transactions and is in a strong position to deploy capital into attractive investment opportunities to drive future growth," Khalid Bin Kalban, managing director and CEO of Dubai Investments PJSC, said.

"Building on the positive momentum generated in the first half of 2016 against the backdrop of a challenging market environment, the company plans to continue its diversification strategy, aimed at broadening its geographical footprint, growing its asset base to increase earnings and creating value for the shareholders."

Dubai Investments currently owns over 40 subsidiaries and joint ventures across a broad range of sectors and continues to monitor opportunities, both locally and internationally, as part of its strategic, financial and operational roadmap.

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