Dubai: New property releases as well as its sustained demand for spots at its flagship industrial park helped Dubai Investments record a net profit of Dh334.4 million for the third quarter, a gain of 36 per cent on the Dh246.1 million last year. The net profit for the first nine months subsequently topped Dh850 million, up 13 per cent.
Total income increased by 17 per cent to Dh2.2 billion during the period. As is now becoming the case with Dubai leading developers, DI’s gains were led by strong rental income, which increased by Dh113 million in the first nine months to Dh654.3 million. Gain on fair valuation of investment properties was also higher by Dh67.2 million to Dh315.1 million from Dh247.9 million in 2015 (also during the period, it gained Dh186 million from a disposal of subsidiaries).
Earnings per share was Dh0.21 for the nine months (up from Dh0.19). Total assets reached Dh16 billion as of September end, an increase of AED 797 million since the start of the year. These include Dh9.7 billion by way of real estate assets, Dh3.1 billion in manufacturing and contracting assets and Dh3.2 billion through investments/treasury holdings.
“Property assets continue to perform well contributing to growth in rental income accompanied by improved performance in the manufacturing and contracting sectors,” said Khalid Bin Kalban, Managing Director and CEO.
“Dubai Investments will continue to expand its position in real estate and look for growth and diversification opportunities in attractive sectors.”
Of late, the holding company has begun to invest in the education and healthcare sectors. The company is evaluating various proposals to expand in these sectors.
In real estate, Dubai Investments Real Estate is set to launch Mirdif Hills – a mixed-use development and the only freehold development in Mirdif area in Dubai.