Dubai Investments
Dubai Investments had sold a 50 per cent stake in its district cooling arm, and that induced a huge one-off jump in the 9-month 2022 numbers. Image Credit: Ahmed Ramzan/ Gulf News

Dubai: Nine-month financials at Dubai Investment has seen a net profit drop, to Dh817 million against Dh1.49 billion a year ago. Revenues also came in lower, at Dh3 billion from Dh3.27 billion.

The company in a statement said that last year’s numbers included the bumper – but one-off – gain of Dh980.42 million from the 50 per cent stake sale in the district cooling firm Emicool.

"Dubai Investments has been consistent in delivering robust financial results, despite a higher interest rate environment, a testament to the enduring resilience of the business model,” said Khalid Bin Kalban, Vice-Chairman and CEO.

The CEO said that the property and investment segments continue to deliver for Dubai Investments, much of which being reflected in the third-quarter numbers. “We expect the momentum to be sustainable and continue for the rest of the year,” he added. “The Danah Bay development in Al Marjan Island, Ras Al Khaimah is progressing well with the launch of the residential tower expected soon.

“Dubai Investments is not only committed to expanding the Group’s successful business ventures into new geographic frontiers but is also constantly exploring other opportunities.”

Total assets at the holding company - which owns Dubai Investments Park - closed September at Dh21.08 billion.