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Dubai Investments Net Profit Rises 4 Per Cent
DUBAI - Dubai Investments which owns stakes in more than 40 companies said Sunday its net profit in 2008 rose 4 per cent from a year ago to Dh1.56 billion.
“Dubai Investments achieved its best ever annual results in spite of extremely challenging economic and financial conditions,” Khalid Bin Kalban, managing director and CEO of Dubai Investments said in press statement.
The consolidated total income for 2008 reached Dh3.41 billion, up by 29 per cent from the previous year.
Dubai Investments did not disclose its fourth quarter results. Previously, the company reported a third quarter net profit of Dh635 million and nine-month earnings of Dh1.6 billion.
The company said profit for the year from its core businesses grew 21 per cent to Dh1.116 billion from Dh925 million in 2007.
Its assets rose 38 per cent to Dh14.11 billion from Dh10.24 billion a year ago. The company’s net worth jumped 46 per cent to Dh7.23 billion.
The company said it achieved a return on average net worth of 26 per cent and return on average share capital of 58 per cent. Earnings per share for 2008 was Dh0.48 while the return on average assets was 13 per cent.
“The fundamentals of our business remain strong due to the diversified investment base, and we are well-placed to take advantage of potential opportunities in the coming months due to our strong liquidity position,” said bin Kalban.
Dubai Investments shares on Sunday lost 3.06 per cent to Dh0.95.
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