Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- Dubai Holding unit's profit jumps  Join our daily free Newsletter

MENAFN - Khaleej Times - 31/03/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN -Khaleej Times) dhcog?s 2013 earnings surge 177% to dh3

Dubai holding said on sunday its flagship business unit has nearly trebled 2013 net profit on the back of 27 per cent jump in revenues.

Net profits of dubai holding commercial operations group (dhcog) surged by 177 per cent to dh3.3 billion as total revenues hit dh11.6 billion the dubai-based global investment holding company said in a statement. as dhcog which runs four businesses operating in 24 countries continued to grow delivering strong top and bottom line results its total assets reached dh116 billion.

Dhcog said it had serviced all public and bank debts and repaid them upon maturity negotiated settlements with contractors and made timely payments and continued development of infrastructure and construction to hand over completed units to its customers. this has resulted in reduction of these liabilities from dh36.7 billion in 2009 to dh19.2 billion in 2013.

Dhcog has made remarkable progress in managing its public and bank debts and has achieved an eight per cent annual reduction from dh15.2 billion in 2009 to dh10.9 billion in 2013. the group’s debt-to-equity ratio dropped from 1.04 in 2009 to 0.6 in 2013 well within the optimal range and industry norms.

Uae minister for cabinet affairs mohammad abdulla al gergawi who is also the chairman of dubai holding said with dubai’s economy enjoying renewed business confidence across many of its core market segments dubai holding’s businesses are playing an important role in driving that market sentiment as well as benefitting from it.

“the group remains fully committed to delivering long-term economic growth and the development of key industries in line with dubai’s diversification strategy” he said.

Ahmad bin byat chief executive officer of dubai holding said over the past few years dhcog has focussed its efforts to ensure that we are able to meet our financial obligations when due.

“our tough strategic decisions have paid off and in 2013 dhcog tripled net profits with its core commercial operations generating improved recurring and sustainable revenues. the group continues to play a significant role in the development of dubai’s cityscape bringing high quality residential commercial and tourism infrastructure meeting the demands of a fast growing city” said byat.

He said the group’s hospitality arm is one of the very few homegrown brands that have achieved significant success internationally. “at the same time it is also encouraging to see that international businesses continue to choose dhcog’s platform of business parks to establish their base in the region. we will continue to deliver pivotal projects to address new market opportunities and ensure dubai remains the middle east’s primary business and tourism hub.”

Dhcog said it concluded the year with a healthy cash balance of dh3.9 billion. the group’s consistently solid operating performance strong cash flows bond and debt repayments led moody’s investors service to upgrade and assign a positive outlook to all of dhcog’s ratings.

— issacjohn?khaleejtimes.com


Khaleej Times

  MENA News Headlines
 Nov 29 2015 - Saudi Arabia focuses efforts to boost gas findingsMENAFN
(MENAFN) Aramco, the Saudi behemoth has closed agreements worth up to USD5 billion for the enlargement of its local gas processing and distribution facilities.This all falls into the kingdom's ...

 Nov 29 2015 - QATAR AQUABIKE MARATHONGulf Times
(MENAFN - Gulf Times) Winner of the Qatar Aquabike Marathon round two Mohamed Abdulla al-Heidous (C), second-placed Khaled Jassem al-Kuwari (L) and third-placed Mohamed Ibrahim al-Abdullah (R) ...

 Nov 29 2015 - Ali, Hanan claim skeet gold medalsGulf Times
(MENAFN - Gulf Times) Ali Ahmad al-Eshaq and Hanan Ali Haji won the men's and women's skeet gold medals at the Qatar Shooting and Archery Association Cup at the Losail Shooting Complex ...

 Nov 29 2015 - KMCC Malappuram win QIFF tournamentGulf Times
(MENAFN - Gulf Times) KMCC Malappuram defeated TYC Trissur 1-0 to win the 9th Qatar Indian Football Forum (QIFF) Tournament for the Western Union City Exchange trophy at Doha Stadium. Rameshan of ...

 Nov 29 2015 - Al Sadd thrash Al GharafaGulf Times
(MENAFN - Gulf Times) Doha: Suliman Abdi starred with 21 points as Al Sadd thrashed Al Gharafa 71-56 in the Qatar Basketball League last evening. Al Sadd led by just four points after the first ...

 Nov 29 2015 - Perfect 10 puts Al Rayyan seven clear of JaishGulf Times
(MENAFN - Gulf Times) Jorge Fossati made the sign of the cross as he alighted from the bus that brought the Al Rayyan team to the Jassim bin Hamad Stadium where they were scheduled to take on El ...

 Nov 29 2015 - QCA set to host second edition of GCC Women's T20 ChampionshipGulf Times
(MENAFN - Gulf Times) Qatar Cricket Association will host the second edition of the GCC Women's T20 Cricket tournament at the Asian Town Cricket Stadium in Industrial Area, from November 29 to ...

 Nov 29 2015 - Korea's Jun emerges as men's UIPM Champion of ChampionsGulf Times
(MENAFN - Gulf Times) The 2015 Modern Pentathlon season closed with a vision of the future as 20-year-old Woongtae Jun claimed the title of UIPM Champion of Champions after a captivating men's ...

 Nov 29 2015 - KSA imposes vital actions to steer away from crude relianceMENAFN
(MENAFN) The globe's number one oil exporter is carefully studying and measuring increases in local energy prices, let alone the implementation of the value added tax (VAT).The kingdom will most ...

 Nov 29 2015 - Omagine to start building USD2.5b lavish projectMENAFN
(MENAFN) Omagine LLC, the Omani firm which develops tourism and residential real-estate projects, closed an agreement with the government to develop a mixed use tourism and real estate project in ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help