Font Size

- Aa +

Mon 27 Oct 2014 01:09 PM

Font Size

- Aa +

Dubai Investments says Q3 profit rises 17.4%

Conglomerate says net profit increases to more than $51m in the three months to Sept 30

Dubai Investments says Q3 profit rises 17.4%
Dubai Investments CEO Khalid Bin Kalban.

Dubai Investments said on Monday that its net profit for the third quarter rose 17.4 percent on the back of lower costs and administrative expenses.

The conglomerate, in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, said its net profit attributable to owners of the company was AED189.1 million ($51.5 million) in the three months to September 30, compared with AED161.1 million in the same period of 2013.

The firm's nine-month profit nearly doubled to AED994.6 million. Dubai Investments sold a 66 percent equity stake in its wholly owned pharmaceutical unit Globalpharma to an investor group led by French drugmaker Sanofi ; the deal contributed a profit of AED472 million for the second quarter.

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.