Dubai Investments, a diversified investment company, reported a net profit of Dh516 million for the first half 2016, 2 per cent higher than Dh506 million reported in the same period last year.
Total income was Dh1.37 billion, which represents an 18 per cent increase compared to Dh1.16 billion generated in the first half of 2015.
The result includes 20 per cent growth in rental income to Dh424 million, an 8 per cent increase in contract revenues to Dh236 million, a Dh186 million gain related to disposal of subsidiaries and valuation gains of Dh86 million on investment properties, whilst sale of goods declined marginally to Dh450 million. Mark-to-market investments offset the result by Dh27 million. In the first six months of 2016, earnings per share increased to Dh0.13 from Dh0.12 last year.
Total assets were Dh15.7 billion at 30 June 2016, up Dh446 million since the beginning of the year. This includes a healthy cash balance of Dh1.1 billion, after the dividend payout of Dh486 million in May 2016. Total liabilities increased by Dh346 million since the beginning of the year to Dh4.4 billion as at 30 June 2016 mainly due to increase in stake of Properties Investments. Dubai Investments maintained a low debt to equity ratio of 25.9 per cent. The book value per share increased by 5.4 per cent to Dh2.64 as at 30 June 2016, compared to Dh2.50 at 30 June 2015.
Khalid Bin Kalban, Managing Director and CEO, Dubai Investments, said: “We have delivered a solid set of financial results, completed a number of important transactions and is in a strong position to deploy capital into attractive investment opportunities to drive future growth.”
He added: “Building on the positive momentum generated in the first half of 2016 against the backdrop of a challenging market environment, the Company plans to continue its diversification strategy, aimed at broadening its geographical footprint, growing its asset base to increase earnings and creating value for the shareholders.”
Dubai Investments currently owns over 40 subsidiaries and joint ventures across a broad range of sectors and continues to monitor opportunities, both locally and internationally, as part of its strategic, financial and operational roadmap.
Source:: Emirates 247
Dubai Investments reports Dh516m profit for H1 2016
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