Dubai Investments reports surging profit

Dubai: Dubai Investments PJSC (DI) maintained its excellent earnings growth with net profit for the nine month period which ended September 30 surging to record levels.

Net profit increased to Dh1.67 billion from Dh1.07 billion for the same period last year, an increase of 56 per cent. Total incomeincreased to Dh4.10 billion from Dh2.59 billion for the same period last year, an increase of 58 per cent.

The net profit for the third quarter of 2008 increased to Dh635 million from Dh268 million in the third quarter of 2007, an increase of 137 per cent. Total income increased to Dh1.44 billion from Dh812 million, an increase of 77 per cent.

Total shareholders' equity at September 30 was Dh7.38 billion, a growth of 66 per cent over equity of Dh4.44 million on September 30, 2007.

This was achieved due to significant growth in net profit and increase in share capital on rights issue. The return on average equity achieved for the period is 27 per cent.

The earnings per share (EPS) for the period is Dh0.49, higher than the EPS of Dh0.36 for the previous period.

"Our exceptional performance even during these difficult times of financial uncertainty reflects our ability to deliver results exceeding expectations on a sustainable basis," said Khalid Bin Kalban, managing director and CEO of Dubai Investments.

"This growth has been achieved mainly through the outstanding performance of group companies and through significant gains from our real estate ventures.

"The strategic divestment of 40 per cent of M'Sharie LLC has also contributed to the phenomenal results achieved," said Bin Kalban.