Dubai Investments net profit subdued

02/08/2015 07:33 AST

DUBAI Investments PJSC [DI], the leading investment Company listed on the Dubai Financial Market [DFM], announced net profit of AED 506 million for the six months period ended June 30, 2015 as compared to AED 806 million for the same period last year.

Total assets as at June 30, 2015 increased to AED14.77 billion, while net worth increased to AED10.14 billion. The annualized return on equity achieved for the period was 10%.

Khalid Bin Kalban, Managing Director and CEO, Dubai Investments PJSC, said: “In the previous year, DI had made a profit amounting to AED472 million on divestment of Globalpharma including fair value gain on retained interest. Excluding this one-off item, the profit for the current period has increased by AED172 million on account of growth and better operating results across industrial and property segments of the Group.”

The year 2015 continues to be an active year for DI. During the current period, DI completed acquisition of 59.66% stake in Al Mal Capital PSC and increased its shareholding in certain subsidiaries and joint ventures. DI also divested its interest in International Rubber Company and Techno Rubber Company. These acquisitions and divestments are integral to the Group’s strategy of delivering enhanced value to its shareholders.

Kalban added: “We are quite positive on the outlook for the remainder of the year and are exploring fresh avenues to expand our geographical footprint and strengthen our assets. To this end, we are evaluating several proposals spanning sectors across healthcare, education, industrial and property.” — SG

Saudi Gazette