iPhone | iPad
Android
Huawei
Today, the country's non-oil sector accounts for about 74 per cent of the total GDP
KT APPDOWNLOAD
Dubai Investments reports a 227% surge in net profit for nine months
Profit gains mainly due to sale of Emicool for Dh980m
The Dubai Investments headquarters at DIP. - Supplied photo
Dubai Investments PJSC [DFM: DIC], a diversified investment company listed on the Dubai Financial Market, has reported net profit of Dh1.489 billion for the period ended September 30, 2022, an increase of 227%, as compared to Dh456 million for the nine-month period last year.
The profit is higher by Dh1.033 million as compared to the same period last year mainly due to the gain on disposal of 50 per cent controlling interest and fair value gain on retained investment in Emirates District Cooling (Emicool) LLC amounting to Dh980 million. The Group’s manufacturing, contracting and services segment has also continued its strong performance. Total income for the Group grew to Dh3.3 billion as compared to Dh2.6 billion for the nine-month period ended 30 September 2022, compared to the same period last year.
Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments said, “The Group has maintained momentum and delivered consistent performance throughout this year, reflecting the resilience of the business model. The exceptional performance this quarter is a result of unlocking substantial value through an organized divestment process, testifying Dubai Investments’ strategy for value creation. In line with the Group’s strategy to deliver superior returns to the shareholders, an interim dividend of 7.5% was approved during this quarter.The Group is focussed to take appropriate measures related to strategic investments and will implement planned exits from mature assets over the coming years.”
More news from Business
The yellow metal has lost Dh2.5 since Monday
Investors are advised to deal with only SEBI registered mutual funds
The first centre will bring together academic researchers and practitioners from the private sector to develop and share best practices in responsible AI
The UAE has already signed CEPA with major trading partners such as India, Israel, Chile, Colombia, Turkey, Indonesia, Georgia and Cambodia
New developments hold key to the future of work, expert says
A year-on-year (YoY) increase of 20.2 per cent, or Dh135 billion, was recorded
Course offers training in English language, interviewing skills, resume writing, and job search tips