Dubai Investments’ Q1 profit up 25%

dubai — Dubai Investments on Monday said its first-quarter net profit surged by 25 per cent to Dh362 million due to a strategic acquisition.

In a statement, the diversified investments conglomerate said it had earned Dh289 million net profit in the same quarter last year.

The Dubai Financial Market-listed firm said its total income climbed 33 per cent during January-March 2018 to Dh927 million as against Dh697 million in the corresponding quarter last year. Its total assets rose to Dh19.2 billion as compared to Dh17 billion as at December 31, 2017.

Khalid bin Kalban, managing director and CEO of Dubai Investments, said the company’s strong first-quarter results were driven by the strategic acquisition of an additional 50 per cent stake in Emirates District Cooling (Emicool).

The company’s earnings per share increased by 28 per cent to Dh0.09 per share as compared to Dh0.07 per share for same quarter last year. The annualised return on equity achieved for the period was 11.86 per cent.

Kalban said the company has a strong pipeline of ongoing real estate developments such as Mirdif Hills and are also working on several other projects and transactions which will continue to enhance shareholders’ value.

“These include launching a multi-asset class Reit expected to be listed on the local market, IPO of Emicool and establishment of the campus of University of Balamand in Dubai. Further, the group is also targeting investments in sectors related to financial services, education,

The results are driven by the acquisition of an additional 50 per cent stake in emicool Khalid bin Kalban, managing director and CEO of Dubai Investments

healthcare and entertainment with a strategy of diversifying its asset base.”

The company’s portfolio includes 35 subsidiaries and joint ventures across a range of sectors and continues to seek new investment opportunities, locally and internationally, as part of its roadmap.