Dubai: Dubai Investments, a listed investment company, has reported a drop of 6.9 per cent in net profit, according to a statement posted on the Dubai Financial Market website on Monday.
The company saw its profits decline from Dh516 million in the first half of 2016, to Dh480 million for the same period in 2017.
However, the statement makes note of a one-off gain from divestments amounting to Dh186 million in the first half of 2016, which may have contributed to this year’s decline.
Dubai Investments, which has stakes in a diverse number of sectors, including real estate, finance, and manufacturing, grew its total assets to Dh16.42 billion, whilst its total income during the period was Dh1.28 billion. The results include 8 per cent growth in rental income to Dh459 million.
In terms of quarterly results, Dubai Investments’ net profit for the second quarter of this year was Dh191 million, compared to Dh218 million in the same period of 2016, representing a drop of 12 per cent.
Khalid Bin Kalban, Managing Director and CEO of Dubai Investments, said in a statement: “Dubai Investments is positive on the outlook for the remainder of 2017; and progressing on schedule on its various real estate projects across the UAE. The company plans to continue its diversification strategy, aimed at broadening its geographical footprint and branching out into the education and health care sectors whilst growing its asset base and creating value for the shareholders.”
