Dubai Investments Records Dh817m Net Profit Decline in 9 Months

16 Nov, 2023

Dubai Investments Records Dh817m Net Profit Decline in 9 Months

Dubai Investments, a key player in the UAE's corporate landscape, recently disclosed its financial performance for the nine-month period, revealing a notable decline in net profit to Dh817 million compared to Dh1.49 billion in the corresponding period a year earlier. The company's revenues also witnessed a dip, totaling Dh3 billion as opposed to Dh3.27 billion previously.

This decrease in profits was attributed to the absence of a significant one-time gain recorded last year, amounting to Dh980.42 million, derived from the sale of a 50% stake in Emicool, a district cooling firm.

Despite these fluctuations, Khalid Bin Kalban, Vice-Chairman and CEO, remained positive about the company's overall resilience in a challenging economic environment. He emphasized the role played by the property and investment segments in sustaining the company's performance. This resilience was particularly evident in the third-quarter results, where these segments continued to contribute substantially.

Kalban expressed confidence in the sustainability of this momentum for the remainder of the fiscal year. He shed light on the ongoing progress of the Danah Bay development in Ras Al Khaimah's Al Marjan Island, mentioning the imminent launch of a residential tower as part of this ambitious project.

Moreover, Dubai Investments reiterated its commitment to not only expand its successful business ventures into new territories but also continually explore and capitalize on emerging opportunities. As of September, the holding company, which holds assets including the renowned Dubai Investments Park, reported total assets valued at Dh21.08 billion.

Despite the profit decline in this specific reporting period, the company's strategic initiatives, coupled with its diversified portfolio across various sectors, position it well for continued growth and resilience in the ever-evolving market landscape of the UAE.