Dubai Investments net profit surges 64% to Dh202.5 million in Q1

The DFM-listed company said that total assets remained stable at Dh22 billion while total equity increased to Dh12.5 billion from Dh12.2 billion during the same period in 2021

The company's total assets remained stable at Dh22 billion while total equity increased to Dh12.5 billion from Dh12.2 billion during the same period in 2021. — File photo

By Staff Report

Published: Thu 12 May 2022, 6:41 PM

Dubai Investments on Thursday said its first-quarter net profit surged 64 per cent to Dh202.5 million from Dh123.8 million in the same quarter last year due to an effect growth and expansion strategy of the company.

In a statement, the leading, diversified investment company listed on the Dubai Financial Market total income for the group also increased to Dh761 million compared to Dh637.6 million during the first quarter of 2021, reflecting an increase of 19 per cent.

It further said that total assets remained stable at Dh22 billion while total equity increased to Dh12.5 billion from Dh12.2 billion during the same period in 2021.

“The growth in net profit and total income for the period is driven by the robust performance across the property and the manufacturing, contracting and services segments,” according to the statement.

Khalid bin Kalban, vice-chairman and chief executive officer of Dubai Investments, said Dubai Investments has kick started 2022 with a good momentum, reflecting the impact of the group’s growth and expansion strategy and the continued focus on diversification and unlocking of value through an organised divestment process.

“We have entered into a sale and purchase agreement in April 2022 to divest 50 per cent equity interest in Emirates District Cooling (Emicool). We expect the transaction to complete in the next few weeks following which the resultant profit would be recognized in our financial statements,” he said.

He further added that the group is well poised to benefit from upcoming opportunities given the ongoing recovery of the economy and accelerated growth of the real estate sector.

“The group’s strategic positions within the Investments segment and the enhanced performance of the manufacturing sector have contributed substantially to overall growth and the impetus is expected to continue through the year,” Kalban said.

— muzaffarrizvi@khaleejtimes.com