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Tue 1 Nov 2016 02:06 PM

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Dubai Investments says Q3 net profit jumps by 36%

Conglomerate reports that key driver of strong performance was rental income of assets

Dubai Investments says Q3 net profit jumps by 36%
Khalid Bin Kalban, managing director and CEO of Dubai Investments.

Dubai Investments, a conglomerate in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, reported a 35.9 percent rise in third-quarter net profit on Tuesday as rental income rose over the period.

It made a net profit of AED334.4 million ($91.06 million) in the three months to September 30, it said in a statement, compared with a profit of AED246.1 million in the corresponding period of 2015.

The company said the key driver of strong performance was rental income, which increased by AED113 million in the first nine months of 2016 to AED654.3 million from AED540.9 million in 2015.

Dubai Investments’ total assets reached AED16 billion as of September 30, an increase of AED797 million since the beginning of the year, the statement added. The assets includes AED9.7 billion of real estate assets, AED3.1 billion of manufacturing and contracting assets and AED3.2 billion of investments/treasury assets.

Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: “Dubai Investments generated another strong set of results in the third quarter of 2016. Property assets continue to perform well contributing to growth in rental income accompanied by improved performance in the manufacturing and contracting sectors.”

He added: “Dubai Investments will continue to expand its position in real estate and look for growth and diversification opportunities in attractive sectors... Dubai Investments expects to see enhanced performance for the remaining of 2016.”

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