Dubai: The operator of industrial parks - and now, a builder of a resort - Dubai Investments has put in some serious bulk into its first quarter net profit, hitting Dh314.5 million from Dh202.55 million in Q1-22.
Total income also crossed the critical Dh1 billion level for the quarter, and which should work out to some gains for the DFM-listed stock. Last year's tally was Dh761.04 million, which works out to a 34 per cent increase.
Total shareholder equity rose to Dh13.16 billion, from Dh12.28 billion, while asset size was more or less stable at Dh20.96 billion. (On DFM, the stock was up 0.45 per cent to Dh2.24 at 11.45am. The 52-week high is Dh2.6 and the low remains Dh2.22. The coming week will show whether the stock gets a bounce from the Q1 numbers. )
The company - which operates a hugely popular and occupied industrial and logistics park in Dubai - has been making an investment push in multiple directions. There was the stake buy in a UK digital bank, and then there was the Dh1 billion resort project in Ras Al Khaimah. (It follows up an earlier deal where it bought a majority in the Dubai insurer NGI, adding to Dubai Investments' growing base in the financial services space.)
Now, the company is planning a new phase launch in Ras Al Khaimah.
'Exceeds expectations'
The response to Danah Bay, our premium beachfront development in Ras Al Khaimah, has exceeded all expectations and we are looking forward to launching the next phase," said Khalid Bin Kalban, Vice-Chairman and CEO. "We are also progressing well with our expansion into other geographies and enhancing internal capabilities while building on existing businesses.
"With the economy experiencing robust growth and strong upward trajectory in the real estate sector, Dubai Investments is strategically positioned to capitalize on these favorable conditions."
