Business | Investment
Dubai Investments profit grows 50.2%
Dubai Investments yesterday posted second-quarter profit growth of 50.2 per cent on gains from real estate business.
- Staff Report
- Published: 00:02 July 31, 2008
Dubai: Dubai Investments yesterday posted second-quarter profit growth of 50.2 per cent on gains from real estate business.
Property sales in the second quarter surged almost four-fold to Dh776.5 million compared to the year-earlier period and costs rose 43.8 per cent to Dh948.1 million in the same period.
The firm, whose business ranges from glass-making to pharmaceuticals, made a net profit of Dh546.53 million ($148.8 million) in the second quarter, it said in a statement.
Middle East Brokerage said in a Reuters net profit survey last month it expected Dubai Investments to make Dh535.49 million in quarterly profit.
"This growth has been achieved mainly through the outstanding performance of the group's companies and through the significant gains from our real estate venture," Chief Executive Khalid Bin Kalban said.
Net profit in the first half of this year rose to Dh1.035 billion compared with Dh803 million a year ago and revenue rose to Dh2.66 billion from Dh1.76 billion in the year-earlier period, the firm said.
Reuters calculated the quarterly figure based on earlier financial statements.
Dubai Investments shares closed at Dh1.85 yesterday before the results were released.
They have gained 13 per cent this year, outperforming the benchmark, which is down almost 9 per cent.
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