First Dubai earnings per share reach Dh2 during the first 9 months of 2008

Kuwait: First Dubai Real Estate Development Company, a company owned by Al Mazaya Holding by 67 per cent, has reported a big leap in profits during the first nine months of 2008.

Total profit reached Dh479 million, an increase of 1,130 per cent compared to the corresponding period last year, where total profits amounted to Dh39 million. Earnings per share (EPS) reached Dh2 compared to Dh1 reported last year.

Al Mazaya has also reported a 337 per cent increase in its return on assets, and a 248 per cent increase in return on equity, with current total company assets amounting to Dh 2543 million in 2008 compared to Dh730 million in 2007.

Equities reached Dh 2089 million in 2008 against Dh406 million in 2007, thus reaching a growth rate of more than 414 per cent.

Vice Chairman Eng. Khalid Esbaitah said that First Dubai's profits for the current year will be remarkable, and it will continue to increase and grow for the next five years through a risk-free, carefully constructed plan that will ensure projects are executed perfectly to achieve returns that exceed 30 per cent of investments on these projects.