Dubai Investments posts H1 net profit at $55.8mln

The drop in net profit is mainly attributable to a one-off gain on an acquisition transaction in prior period and the impact of Covid-19

  
Dubai, Dubai Marina, Jumeirah, Expo 2020 Dubai, Skyscraper, Cityscape. Image used for illustrative purpose

Dubai, Dubai Marina, Jumeirah, Expo 2020 Dubai, Skyscraper, Cityscape. Image used for illustrative purpose

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Dubai Investments, a leading, diversified investment company, has reported net profit of AED205 million ($55.8 million) for the period ending June 30, 2020, compared to AED353 million for the same period last year.

The drop in net profit is mainly attributable to a one-off gain on an acquisition transaction in prior period and the impact of Covid-19.

Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, said, “The results for the first half of the year is an indication of our resilience in these unprecedented and taxing times. Dubai Investments strategy of diversification coupled with a robust business model have been instrumental in successfully facing down the challenges raised by the spread of Covid-19 pandemic.

“We have been carefully reviewing our cost structure with an eye on optimization whilst continuing with our efforts aimed at sustained long-term growth. The Group is focused on being adaptable and flexible in the current environment and is geared up to take advantage of opportunities that come our way.” – TradeArabia News Service

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