Dubai Investments reports net profit of AED 480 million in H1 2017
Dubai Investments reported a net profit of AED 480 million for H1 2017, compared to AED 516 million in the same period last year.
It's net profit for the second quarter of 2017 was AED 191 million, compared to AED 218 million in Q2 2016.
"Dubai Investments has delivered a solid set of financial results. Excluding the one-off gain from divestments amounting to AED 186 million in the first half of 2016, the company’s net profit has in fact has grown by AED 150 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," Khalid bin Kalban, Managing Director and CEO of Dubai Investments, said. "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 whilst growing its asset base and creating value for the shareholders."
The company’s total assets grew to AED 16.42 billion and the total income during the period was AED 1.28 billion. The results include eight per cent growth in rental income to AED 459 million.