UAE conglomerate sees $65m Q4 profit excluding provisions; 2010 profit at AED930m
UAE conglomerate Dubai Investments
expects to report a fourth-quarter profit of AED240m ($65m) before provisions and impairments,
its chief executive told Reuters on Thursday.
Dubai Investments, which is involved in sectors from real
estate to manufacturing, reported a fourth-quarter net profit of
AED141m in 2009.
The UAE-based conglomerate, in which the emirate's sovereign
wealth fund Investment Corporation of Dubai has a stake, expects
full-year profit of AED930m, Khalid Bin Kalban said.
Kalban said the group, which had earlier said it plans to
sell 30 percent of private equity unit Masharie through an IPO
in 2011, said it hopes to launch the share sale before June 30,
but only if market conditions are favourable.
"If we feel by March, April that the sentiment is not right
then we may push it to the end of the year," he added.
Kalban declined to put a figure on the pricing for IPO, but
said the group's expectations were reasonable and that the
decision by UAE handset retailer Axiom Telecom to cancel its
flotation in December would not discourage Masharie.
"We are not highly pricing the company. That is one
advantage we have."
"We do not want to go through what Axiom had gone through.
They were highly priced and timing was also not right."
The company, which derives most of its revenues from the
UAE and other Gulf Arab countries, said it has
its shifted focus to other markets in the region like Saudi
Arabia, Libya, Turkey, Qatar and Kazakhstan.
Shares of Dubai Investments rose 1.3 percent as at 0900 GMT
on the Dubai bourse.