Dubai: Dubai Investments said on Thursday its net profit for the first half to June fell 39 per cent to Dh353 million due to gains from merger and acquisition.
The company made a gain of DhDh64 million due to (M&A) in the first half compared to a gain of Dh333 million in the same period last year.
Profits for first half without considering these exceptional items has increased by Dh131 million when compared to the previous period.
The company reported a net profit of Dh151 million for the second quarter of 2019, an increase of 17 per cent when compared to the same period last year.
The company’s total assets grew by Dh1.09 billion during first half of the year and reached Dh20.65 billion as on June 30. The annualised return on equity for the period was 5.9 per cent.
Khalid Bin Kalban, Managing Director and CEO of Dubai Investments, said: “Dubai Investments has demonstrated its ability to generate strong performance consistently, despite the challenging economic environment. This is due to the group’s resilient and diversified nature, enabling delivery of sustainable results”.
“We are progressing well in our real estate development projects as well as manufacturing and investments sectors. These are expected to contribute to Dubai Investments continued growth in profitability and deliver value to shareholders,” he added.