Dubai Investments net profit rises 4.8%

Dubai Investments’ third quarter net profit rose 4.8 per cent on higher rental income. The company made Dh350 million in profit compared to Dh334 million in the same quarter last year.

“Dubai Investments is on track to achieve its targets and is progressing with its strategy of enhancing its investments in the health care and education sectors. At the same time, the company is focused on various real estate development projects which will monetise its land bank and deliver value to its shareholders,” Khalid Bin Kalban, Managing Director and CEO of Dubai Investments, said in a statement.

Nine-month net

The company’s net profit for the first nine months of 2017 was at Dh830 million, compared to Dh850 million for the same period in 2016. Total income during the period was Dh2.03 billion, while total assets reached Dh16.73 billion as of the end of the third quarter.

“Excluding the oneoff gain from divestments amounting to Dh186 million in 2016, the company’s net profit has grown by Dh166 million. The increase in profit is attributable to increase in rental income by Dh36.8 million and corresponding increase in gain on fair valuation of investment properties by Dh126.6 million,” Kalban said.

Shares of Dubai Properties hit its highest level in 52 weeks to be at Dh2.66, before closing 2.33 per cent lower at Dh2.63.