Dubai:
Dubai Investments (DI) said on Wednesday its net profit fell 37 per cent in the six months to June, because last year there was a one-time gain.
Net profit for the six months to June fell Dh506 million from Dh806 million in the same period last year, while consolidated total income for the six months was Dh1.16 billion.
In the previous year, DI had made a profit amounting to Dh472 million on divestment of Globalpharma including fair value gain on retained interest. “Excluding this one-off item, the profit for the current period has increased by Dh172 million on account of growth and better operating results across industrial and property segments of the Group,” said Khalid Bin Kalban, Managing Director and CEO, Dubai Investments in a statement.
Total assets as at June 30 increased to Dh14.77 billion, while net worth increased to Dh10.14 billion, the company said in a statement.
“We are quite positive on the outlook for the remainder of the year and are exploring fresh avenues to expand our geographical footprint and strengthen our assets. To this end, we are evaluating several proposals spanning sectors across health care, education, industrial and property,” Kalban said.
