Dubai Investments lifted by Q3-2024 profit gain, revenues at Dh2.96b
Dubai developer's 9-month profits, however, drop to Dh637m
Dubai: Dubai Investments’ 9-month profits dropped to Dh637 million from Dh759.6 million – but the industrial zone operator can cheer the gains made during Q3-24. In the July to September period, profit was at Dh235.6 million from Dh209 million.
On the investment side, real estate will remain a major draw for the company in the medium-term. Its Ras Al Khaimah resort project is progressing, while its flasghip Dubai Investments Park continues to see sizeable big-ticket deals. Abu Dhabi's Aldar recently committed to its first logistics real estate investment in Dubai at DIP.
"The Group is encouraged by the dynamic momentum in the real estate sector, complemented by the improved performance of its investment portfolio," said Khalid Bin Kalban, Vice-Chairman and CEO. "Dubai Investments will continue to monetize its real estate assets as part of the Group’s strategic objectives."
Angola entry
The company has also been signed up to develop an economic zone in Angola, and the 'geographical expansion efforts are also gaining momentum'. Construction has started on DIP Angola and this 'project demonstrates Dubai Investments vision of establishing integrated hubs that catalyze economic and social progress'.
For the 9-months 2024, revenues were Dh2.92 billion from Dh2.99 billion a year ago.
The stock is trading at Dh2.15 on DFM today, with the 52-week high being Dh2.45. And it's quite some distance removed from the 52-week low of Dh1.93.