Dubai Investments net profit surges 97 per cent in Q1

Dubai: Dubai Investments PJSC (DI) reported strong quarterly results with profits surging to Dh11 million for the period, an increase of 97 per cent over the Dh107 million reported for the comparable period last year.

Consolidated total income for the period was also higher at Dh649 million as against Dh566 million for the comparable period last year.

Total assets as on 31st March 2013 stand at Dh12.5 billion, while net worth increased to Dh8.7 billion. The assets and liabilities have been restated following deconsolidation of joint ventures pursuant to application of change in accounting standards, but there is no impact on either the profitability or net worth of the Group. The annualised return on share capital achieved for the Period is 23.6 per cent as compared to 9 per cent for the full year 2012.

“We are delighted to deliver solid growth in our first quarter profits. All sectors of our business are contributing, with real estate doing exceptionally well. The market sentiment is upbeat with overall growth in the economy providing good prospects for our diversified business base. We are closely monitoring the developments in the marketplace with a view to capitalize on available opportunities, said Khalid Kalban, Managing Director and Chief Executive Officer, Dubai Investments.

“We are very excited about the outlook for the rest of the year and are actively working on certain divestments which are expected to contribute significant returns going forward. We also expect to finalise the issuance of a $300 million sukuk planned by one of our subsidiaries in the coming quarter.”