Dubai Investments net profit surges to AED 265 million in first quarter of 2014

Date: 6 May 2014
Source: www.dubaiinvestments.com

Date: 6 May 2014

•Profit increases 26% compared to first quarter of 2013 •Consolidated total income stands at AED 738 million •Total assets as on March 31, 2014 is AED 13.2 billion   Dubai Investments PJSC [DI], the leading investment company listed on the Dubai Financial Market [DFM], today announced a jump in its net profits by 26% to AED 265 million for the first quarter of 2014, compared to AED 211 million in the same period last year.DI reported a consolidated total income of AED 738 million, as against AED 649 million in the same period last year, while the total assets amounted to AED 13.2 billion, compared to AED 12.5 billion as on March 31, 2013.

DI’s net worth increased to AED 9.3 billion, compared to AED 8.7 billion at the end of Q1 2013.

The annualized return on equity achieved for the period was 11.4%, as
against 9.7% in the comparable period last year.

Khalid Bin Kalban, Managing Director and Chief Executive Officer, Dubai Investments PJSC, said: “We are delighted with the results in the first quarter of 2014. While all our businesses have contributed, we have seen significant growth trends in our real estate and manufacturing portfolio. This comes amidst surging investor confidence across the UAE and region, and encouraging trends for our diversified businesses.”

He added: “Subsequent to the highly successful issue of USD 300 million Sukuk by Dubai Investments Park Development Company, a subsidiary of the Group and increase in cash generated from Group’s operations, the liquidity position has improved significantly and the Group is having available cash balances of more than AED 1 billion. This enhanced liquidity will enable DI to take advantage of market opportunities and several projects are under consideration. We have a strong thrust in developing our real estate business, riding on the crest of the wave of the current upswing in the sector.

“We are excited about the outlook for the rest of 2014 due to improved performance of our underlying entities operating across all sectors. Further, we are edging towards completion of a divestment transaction which will significantly contribute to the Group’s profitability.”
600450 Dubai Investments net profit surges to AED 265 million in first quarter of 2014 glassonweb.com

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