Dubai Investments net profit up 47% to Dh302m in H1-21, helped by manufacturing, contracting
Dubai Investments is also now biggest shareholder in Dubai insurer NGI
Dubai: The holding company for industrial parks and related businesses, Dubai Investments has seen its net profit shoot up 47 per cent to Dh302 million in the first-half of this year. The results attest to a general improvement in listed companies coming out with solid performances during the year.
Income for the first-half was Dh1.72 billion, again a sharp improvement on the Dh1.13 billion delivered last year.
“As we move forward with our plans for the latter-half of 2021, we expect to continue building on the momentum and successes achieved so far,” said Khalid Bin Kalban, Vice Chairman and CEO. “Key amongst these is our commitment to diversifying into healthcare and education, as well as focus on real estate, including the ongoing development of mixed-use communities in Mirdif Hills and Fujairah.”
And yet, Dubai Investments surprised many by becoming the majority shareholder in National General Insurance, a Dubai-based insurer, from Emirates NBD Group. It now has 45.18 per cent in NGI – “We also continue to explore opportunities for sustainable growth across the sectors that we operate in and look forward to sharing updates on these in due course,” said Kalban.
The gains in net profit came from “enhanced performance” from manufacturing, contracting and investment activities.