Dubai Investments net profit jumps 227% for nine-month period ended September 30
Total income for the group grew to Dh3.3 billion during the period
Dubai Investments PJSC reported net profit of Dh1.489 billion for the period ended September 30, 2022, an increase of 227 per cent as compared to Dh456 million for the nine-month period last year.
The profit is higher by Dh1.033 billion mainly due to the gain on disposal of 50 per cent controlling interest and fair value gain on retained investment in Emirates District Cooling (Emicool) LLC amounting to Dh980 million.
The group’s manufacturing, contracting and services segment has also continued its strong performance.
Total income for the group grew to Dh3.3 billion in the nine-month period as compared to Dh2.6 billion in the same period last year.
Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, said: “The group has maintained momentum and delivered consistent performance throughout this year, reflecting the resilience of the business model.
“The exceptional performance this quarter is a result of unlocking substantial value through an organised divestment process, testifying Dubai Investments’ strategy for value creation. In line with the group’s strategy to deliver superior returns to the shareholders, an interim dividend of 7.5 per cent was approved during this quarter.”