Dubai Investments reports net profit of $55mln in Q1 2019

Total assets increased to $5.48bln

  
General view of Dubai skyline and a metro station on September 27, 2017 in Dubai, United Arab Emirates. Image for illustrative purposes.

General view of Dubai skyline and a metro station on September 27, 2017 in Dubai, United Arab Emirates. Image for illustrative purposes.

Getty Images/Tom Dulat

DUBAI- Dubai Investments has announced net profit of AED202 million in the first quarter of 2019, compared to AED362 million for the same period last year. Profit for the quarter ended 31st March 2018 included an overall gain of AED333 million on acquisition of stake in Emirates District Cooling, Emicool.

Total assets increased to AED20.11 billion, compared to AED19.55 billion as at 31st December, 2018; while the annualised return on equity achieved for the period was 6.4 percent. Khalid Bin Kalban, Managing Director and Chief Executive Officer of Dubai Investments, said, "Dubai Investments reported gains of AED333 million in Q1 2018 and AED55 million in Q1 2019 on its M&A transactions. Excluding these one-off items, the net profit for Q1 2019 has increased by AED118 million.

This is mainly due to increase in gain on fair valuation of investments which is quite encouraging as it indicates improving market conditions." Kalban added, "The Company’s outlook for the remaining of 2019 is positive with various real estate developments nearing completion and expected recovery of the manufacturing and contracting segment which will further be boosted by the acquisition of Globalpharma."

© Copyright Emirates News Agency (WAM) 2019.

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