Khaleej Times, Saturday, Aug 13, 2022 | Muharram 14, 1444
Dubai Investments reports net profit of Dh364 million in H1
Emirates: 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.