Dubai Investments posts net profit of Dh123.8m in Q1 2021

Dubai Investments had reported a surge in Q1 2021 net profit to Dh123.8 million compared to a loss of Dh6.8 million in the same period last year.

Total income increased to Dh637.6 million compared to Dh464.8 million in the first quarter of 2020, on the back of strong performances led by the manufacturing, services and investments segments, while the real estate segment has remained resilient. The company’s total assets remained stable, increasing to around Dh22.0 billion from Dh21.8 billion as on December 31, 2020. Total equity has also increased to around Dh12.2 billion, compared to Dh12.0 billion as on December 31, 2020.

Dubai Investments' vice chairman and CEO Khalid Bin Kalban said: “The results in the first quarter of 2021 highlight the strong performance and resilience of our business model during what continues to be a challenging time for our region and the world. Our performance this quarter reflects the impact of our sustainable growth strategy, with a focus on diversification. We expect the momentum to continue through the year which will aid us in achieving our targets and delivering on various projects."

He added: “The recent acquisition of further interest in National General Insurance Co demonstrates our commitment to unlocking growth opportunities and delivering superior returns for our shareholders. As the global economy and the real estate sector continue to show signs of improvement, we are well positioned for continued growth driven by future opportunities.”

business@khaleejtimes.com