02/02/2015 05:09 AST
Dubai Investments (DI), a leading investment company listed on the Dubai Financial Market, today announced unaudited, preliminary net profit of Dh1.341 billion ($365 million) for 2014, a 63 per cent increase compared to Dh822.32 million achieved in 2013.
The DI board of directors has recommended 12 per cent cash dividend and 6 per cent in bonus shares to the shareholders.
The net operating profit for 2014 was Dh1.81 billion, an increase of 42 per cent compared to Dh1.27 billion achieved in the previous year. Total assets as on December 31, 2014 surged to Dh14.43 billion as against Dh12.62 billion in 2013.
Total revenue for the year was Dh3.19 billion, as against Dh2.84 billion in 2013. The earning per share (EPS) also surged to Dh0.35, compared to Dh0.22 in 2013. The net profit in the fourth quarter of 2014 was Dh346.79 million, an increase of 18.8 per cent compared to Dh291.74 million in the fourth quarter of 2013.
Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: “2014 was a year of sustained growth at Dubai Investments. During the year, we successfully issued a five-year sukuk of $300 million, divested controlling interest in Globalpharma, and divested Phase 8 of the Dubai Investment Park Development Company’s warehouse project. These activities have resulted in significant improvement in group’s liquidity position.
“We are currently evaluating various investment proposals and are in advanced stages of negotiations for couple of investments, which are likely to be finalized in Q1 2015. Our sustained focus on delivering value, coupled with upbeat sentiment across various sectors of the UAE economy, has helped us move aggressively forward. We expect this growth momentum to continue in 2015,” he said.
DI also announced the launch of various key projects such as Mirdif Hills, Fujairah Business Centre, and Green Community Phase III during the year.
Kalban added: “As a group, we have a strong focus on real estate sector and strategically promising businesses across sectors in the existing and new geographical locations across the region. We are also eyeing the acquisition of a financial entity to strengthen our asset mix.”
DI owns 37 subsidiaries and joint ventures across a diverse range of sectors including manufacturing of construction-related materials, fast moving consumer goods, industrial and commercial properties, real estate management and property development, information technology solutions, driver education, district cooling and financial investments.
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