Local Business

Dubai Investments reports 102% surge in net profit for the third quarter

Staff Report/Dubai
Filed on November 3, 2020
Khalid bin Kalban, vice-chairman and CEO of Dubai Investments

(File photo)

DFM-listed diversified Investment company posts Dh213 million net profit in Q3

Dubai Investments, a diversified Investment company listed on the Dubai Financial Market (DFM), on Tuesday reported a 102 per cent surge in the third quarter net profit to Dh213 million, compared to Dh105 million in the corresponding period last year.

The net profit for the nine-month period ending September 30, 2020 was Dh418 million compared to Dh458 million for the same period last year. The total revenue during the nine-month period was Dh1.90 billion while the total assets increased to Dh21.5 billion as at the end of third quarter of 2020 as compared to Dh20.6 billion during the same period last year.

“Despite the challenging times, we were able to achieve strong performance this quarter. Overall business has started to pick-up and we are focusing on successfully navigating through the changing business dynamics,” Khalid bin Kalban, vice-chairman and CEO of Dubai Investments, said.

Careful review, analysis and optimisation of the resources coupled with a competitive growth strategy, has been instrumental in enhancing business endurance. One of the examples of this is the upcoming launch of REIT by Al Mal Capital, one of the subsidiaries of Dubai Investments PJSC, that is expected to be listed on DFM in January 2021, he said.

“In the current environment, investors are looking for secure long-term attractive returns and this REIT and DFM listing will meet investors’ needs, providing a liquid vehicle to access a sector with strong fundamentals,” he added.

— business@khaleejtimes.com

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