Dubai Investments reports net profit of Dh364 million in H1

The growth in the profit by Dh62.01 million attributed to the continued strong performance of the group’s manufacturing, contracting and services segment



Total assets for the group remained stable at Dh22 billion while total equity increased to Dh12.1 billion from D11.98 billion during the same period last year. — File photo

By Staff Report

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Published: Thu 11 Aug 2022, 8:24 PM

Dubai Investments has reported a 20.5 per cent rise in net profits to Dh364 million for the six-month period ended June 30, 2022, as compared to Dh302 million in the same period last year.

In a statement on Thursday, the leading, diversified investment company listed on the Dubai Financial Market (DFM) said the growth in the profit by Dh62.01 million is mainly driven by the continued strong performance of the group’s manufacturing, contracting and services segment.

Total assets for the group remained stable at Dh22 billion while total equity increased to Dh12.1 billion from D11.98 billion during the same period last year.

The group has completed divestment of 50 per cent equity interest in Emirates District Cooling (Emicool) LLC and will recognise the resultant gain on disposal and fair valuation gain on retained interest amounting to Dh980.4 million in thirds quarter of 2022.

“We are already halfway through 2022 and the results during this time reiterate the resilience of our business model and it is worthy to note that we have been moving steadily with a continuous and a consistent growth plan,” Khalid bin Kalban, vice-chairman and chief executive officer of Dubai Investments, said.

“As a Group, we are focussed on a strategic diversification process through organised investments and divestments. Despite the challenging macro economic environment, our outlook for the rest of the year remains cautiously optimistic, as we are focused on channelising efforts towards expanding business regionally and identifying strategic investment opportunities across our businesses,” Kalban said.

— muzaffarrizvi@khaleejtimes.com

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