Dubai Investments profits slip 7% to Dh480 million

dubai - Company sees eight per cent growth in rental income to Dh459 million

Dubai Investments, a diversified investment company listed on the Dubai Financial Market, said its net profit fell nearly seven per cent to Dh480 million for the first half of 2017 compared to Dh516 million in the same period last year.

Assets totalled Dh16.42 billion and the total income during the period was Dh1.28 billion. The results include eight per cent growth in rental income to Dh459 million.

Its net profit for the second quarter of 2017 was Dh191 million, compared to Dh218 million in Q2 2016, a drop of 12.3 per cent.

Khalid bin Kalban, managing director and CEO of Dubai Investments, said: "Excluding the one-off gain from divestments amounting to Dh186 million in the first half of 2016, the company's net profit has in fact has grown by Dh150 million, an increase of 45 per cent, in the first half this year. The positive results are driven by growth in rental income which has contributed to increase in underlying cash flows."

Kalban added: "Dubai Investments is positive on the outlook for the remainder of 2017; and progressing on schedule on its various real estate projects across the UAE. The company plans to continue its diversification strategy, aimed at broadening its geographical footprint and branching out into the education and health care sectors while growing its asset base and creating value for the shareholders."

- waheedabbas@khaleejtimes.com