Dubai Investments records its biggest profit ever in first quarter

Dubai: Dubai Investments Co, whose businesses range from glass-making to pharmaceuticals, posted its biggest profit ever in the first quarter on gains in the fair value of its investment property and real estate sales.

Net income in the three months to March 31 rose 11.1 per cent to Dh488.28 million ($133 million), or Dh0.21 per share, compared with Dh439.29 million, or Dh0.19 per share in the year-earlier period, it said in a statement on the Dubai stock exchange website.

The sale of properties soared six-fold to Dh215.1 million, and the fair valuation of investment properties gained more than 18 per cent to Dh341.91 million, the company said.

Contract and other revenue advanced 55 per cent to Dh402.86 million, the company said.

Among other companies, Dubai Investments owns stakes in Dubai Investments Park Development Co, Emirates Glass and Marmum Dairy Farm.

Shares of Dubai Investments are up 3.5 per cent this year, compared with a similar declined in Dubai's main stock index.