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Dubai Investments net profit surges to AED 265 million in first quarter of 2014

Dubai Investments

Dubai Investments

Dubai Investments PJSC (DI), a leading investment company listed on the Dubai Financial Market [DFM], today announced a jump in its net profits by 26% to AED 265 million for the first quarter of 2014, compared to AED 211 million in the same period last year.

DI reported a consolidated total income of AED 738 million, as against AED 649 million in the same period last year, while the total assets amounted to AED 13.2 billion, compared to AED 12.5 billion as on March 31, 2013. DI’s net worth increased to AED 9.3 billion, compared to AED 8.7 billion at the end of Q1 2013.

DI’s annualized return on equity achieved for the period was 11.4%, as against 9.7% in the comparable period last year.

Khalid bin Kalban, Managing Director and Chief Executive Officer, Dubai Investments PJSC, in a press release, said, “We are delighted with the results in the first quarter of 2014. While all our businesses have contributed, we have seen significant growth trends in our real estate and manufacturing portfolio. This comes amidst surging investor confidence across the UAE and region, and encouraging trends for our diversified businesses.” “Subsequent to the highly successful issue of USD 300 million Sukuk by Dubai Investments Park Development Company, a subsidiary of the Group and increase in cash generated from Group’s operations, the liquidity position has improved significantly and the Group is having available cash balances of more than AED 1 billion. This enhanced liquidity will enable DI to take advantage of market opportunities and several projects are under consideration. We have a strong thrust in developing our real estate business, riding on the crest of the wave of the current upswing in the sector.

“We are excited about the outlook for the rest of 2014 due to improved performance of our underlying entities operating across all sectors. Further, we are edging towards completion of a divestment transaction which will significantly contribute to the Group’s profitability,” added bin Kalban.

Incorporated in 1995, Dubai Investments PJSC is a leading investment company listed on Dubai Financial Market with over 19,894 shareholders, and paid-up capital of AED3.5 billion. The company works in manufacturing, financial investments, real estate development and mergers and acquisitions. The portfolio comprises of six large investment units – Glass LLC, Dubai Investments Industries [DII], Masharie Company LLC, Dubai Investment Park [DIP], DI Real Estate Company [DIRC] and Al Taif Investment.

Source : WAM News Agency for United Arab Emirates


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