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
 May 25 2015 - Mass funeral for Qatif bombing victimsArab News
(MENAFN - Arab News) QATIF: A mass funeral was being prepared Monday for the victims of a mosque bombing that authorities described as an attempt by Sunni extremists to sow sectarian strife. ...

 May 25 2015 - Blatter must go says PlatiniArab News
(MENAFN - Arab News) PARIS: UEFA President Michel Platini has thrown his weight behind Jordan's Prince Ali bin al Hussein in his bid to unseat Sepp Blatter as the head of football's world governing ...

 May 25 2015 - Player dies after heart attack on fieldArab News
(MENAFN - Arab News) BUENOS AIRES: Second division Argentine football player Cristian Gomez of Atletico Parana died after suffering heart failure while playing a match. Gomez 27 collapsed 30 minutes ...

 May 25 2015 - Malik Sami back in Pakistan squad for Zimbabwe ODIsArab News
(MENAFN - Arab News) LAHORE: Former captain Shoaib Malik and fast bowler Mohammad Sami have been recalled to the Pakistan one-day squad for the three-match series against Zimbabwe starting on ...

 May 25 2015 - Turkey says US agree to provide air support for Syrian rebelsArab News
(MENAFN - Arab News) ISTANBUL Turkey : The United States and Turkey have agreed 'in principle' to give air support to some forces from Syria's mainstream opposition Turkey's foreign minister said in ...

 May 25 2015 - Syria: Opposition forces kill 15 Assad regime soldiersThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Syrian opposition forces have killed 15 regime troops in operations in Aleppo, in northern Syria, the opposition said.The spokesman of what is referred to as ...

 May 25 2015 - Jordan calls for 'serious' Palestinian-Israeli talksThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Jordan called on Sunday for launching "serious" and "effective" negotiations between the Palestinians and the Israelis.Foreign Minister Nasser Judeh said the ...

 May 25 2015 - Libya pro-Brotherhood figures to attend Cairo meetingThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Some pro-Muslim Brotherhood figures from Libya will attend a Libyan tribal leaders' meeting scheduled to start in Cairo on Monday, an Egyptian newspaper ...

 May 25 2015 - Kuwaiti Singer Al-Rowaished HonoredArab Times
(MENAFN - Arab Times) Minister of Information and Minister of State for Youth Affairs Sheikh Salman Sabah Al-Salem Al-Humoud Al-Sabah honored Sunday singer Abdullah Al- Rowaished for acquiring an ...

 May 25 2015 - General Assembly Members Of Qadisiya Club Honors Team For Winning Amir CupArab Times
(MENAFN - Arab Times) General Assembly members of Qadisiya Club Saoud Abdul Aziz Al-Babtain and Mohammad Abdul Aziz Al-Babtain organized a ceremony in honor of the number one football team in ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

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

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

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