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During The April-June Period, The Company’s Total Income Experienced A Notable Increase Of 28.7 Percent.
Dubai Investments, a diversified investment company, witnessed an impressive 65 percent annual surge in its second-quarter net profit. Propelled by the robust performance of its real estate business. During the April-June period, the total net profit attributable to the company’s owners reached Dh266.03 million ($72.4 million), with total income rising by 28.7 percent to over Dh1.01 billion. The vice chairman and chief executive, Khalid Bin Kalban, credited the strong performance of the real estate segment, particularly the Danah Bay, Al Marjan Island, and Ras Al Khaimah projects, for the increase in net profit.
The company’s first-half profit soared by 59.4 percent to Dh580.47 million. With total income surpassing Dh2.03 billion, growing more than 30 percent. Dubai Investments remains focused on deploying capital effectively in other value-accretive opportunities. Khalid Bin Kalban expressed optimism about the company’s overall growth. Leveraging its expertise to expand the portfolio and maximize returns for investors in the second half of the year.
As of June 30, the company’s total assets stood at more than Dh20.8 billion. A rise from Dh20.4 billion at the end of the previous year. The higher earnings align with the UAE property market’s recovery, supported by government initiatives and measures to boost the economy amid the coronavirus pandemic.
Dubai Investments has been actively diversifying its portfolio, including venturing into the financial technology space. In January, the company acquired 9 percent of UK-based digital lender Monument Bank. Moreover, in December, it commenced the construction of a Dh1 billion residential development in Ras Al Khaimah.
