Dubai Investments posts AED480mn profit in H1

DUBAI / WAM

Dubai Investments has reported net profit of AED480 million for the six month period ended June 30th, 2017, compared to AED516 million in the same period last year.
The company’s total assets grew to AED16.42 billion and the total income during the period was AED1.28 billion. The results include 8 percent growth in rental income to AED459 million. Its net profit for the second quarter of 2017 was AED191 million, compared to AED218 million in Q2 2016.
Khalid bin Kalban, Managing Director and CEO of Dubai Investments, said, “Dubai Investments has delivered a solid set of financial results. Excluding the one-off gain from divestments amounting to AED186 million in the first half of 2016, the company’s net profit has in fact has grown by AED150 million, an increase of 45 percent, 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.”
Kalban added, “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.”
Dubai Investments is currently developing the Mirdif Hills mixed-use project while the Green Community DIP – West Phase III is in the process of being completed and handed over. The group is also involved in various other real estate developments in the UAE.