Thursday, May 12, 2022 – 8:28 PM
DUBAI, 12th May / WAM / Dubai Investments, the leading investment company listed on the Dubai Financial Market, announced that its net profit for the first quarter of the year, ending on March 31, 2022 increased by 64% to reach AED 202.5 million, compared to AED 123.8 million during the previous year. Same period last year.
The total income of the group increased to AED 761 million compared to AED 637.6 million during the first quarter of 2021, an increase of 19%.
The company’s total assets remained stable at AED 22 billion. Total equity also increased to 12.5 billion dirhams, compared to 12.2 billion dirhams during the same period in 2021.
The growth in net profit and total income during this period was supported by the strong performance of the real estate, manufacturing, contracting and services sectors.
Khalid Bin Kalban, Vice Chairman and Chief Executive Officer of Dubai Investments, said: “Dubai Investments has started 2022 with good momentum, reflecting the impact of the group’s growth and expansion strategy and its continued focus on diversifying investments and increasing the value of assets through deliberate exits. A sale and purchase agreement in April 2022 for a 50% exit from Emicool. We expect the transaction to be completed in the next few weeks after which earnings from it will be included in our financial statements.”
He added, “The group is in a good position to take advantage of any upcoming investment opportunities in light of the continuous recovery of the economy and the rapid growth of the real estate sector. The strategic directions of the group in the investment sector and the enhanced performance of the manufacturing sector have contributed substantially to achieving general growth, and this momentum is expected to continue during the current year “.
WAM / Muhammad Jaballah / Islama Al-Hussein