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
 Feb 1 2015 - HMG wins Excellence Prize for patient care from Arab HealthArab News
(MENAFN - Arab News) Dr. Sulaiman Al-Habib Medical Group (HMG) continues its noticeable attendance in the Arab Health Exhibition in Dubai this year as it has been rewarded with the Excellence Prize ...

 Feb 1 2015 - How to get a job done for 5 onlyArab News
(MENAFN - Arab News) It sounds like a crazy idea but you can actually get a brand new logo for your company or get 250 words translated or 1500 words proofread or your personal piano player for just ...

 Feb 1 2015 - Etihad Airways appoints first female Emirati airport managerArab News
(MENAFN - Arab News) Etihad Airways the national airline of the UAE has appointed Fatima Al-Kharousi as the first Emirati female airport manager. Based in Nagoya Japan she will be responsible for ...

 Feb 1 2015 - Saudi- Facebook beats forecasts with strong profit gainsArab News
(MENAFN - Arab News) SAN FRANCISCO: Facebook said that profit soared on the wings of mobile ad revenue but stressed it is more concerned with investing in the future than making quick cash.While ...

 Feb 1 2015 - Facebook beats forecasts with strong profit gainsArab News
(MENAFN - Arab News) SAN FRANCISCO: Facebook said that profit soared on the wings of mobile ad revenue but stressed it is more concerned with investing in the future than making quick cash.While ...

 Feb 1 2015 - Israeli occupation forces Arrest 10 Palestinian in West BankQatar News Agency
(MENAFN - QNA) Israeli occupation forces arrested since dawn today10 Palestinians in the West Bank amid heavy gunfire during incursions into the West Bank cities of Hebron, Bethlehem and ...

 Feb 1 2015 - 'Qatar Green Building Conference' to Take Place in Doha in AprilQatar News Agency
(MENAFN - QNA) Qatar Green Building Council (QGBC), a member of Qatar Foundation for Education, Science and Community Development (QF), has announced its upcoming inaugural annual conference. The ...

 Feb 1 2015 - Jordanian Government Condemns Execution of Japanese HostageQatar News Agency
(MENAFN - QNA) The Jordanian government strongly condemned on Sunday Daash killing of Japanese hostage journalist Kenji Goto. Jordanian Minister of Information Affairs and Government Spokesman Dr. ...

 Feb 1 2015 - Qatar Armed Forces General Command Issues Precautionary WarningQatar News Agency
(MENAFN - QNA) Qatar Armed Forces General Command forces has announced that the marine shooting range (O.B.D-28), located east of Mesaieed near Fasht Al-Hadid, will be active during the period from ...

 Feb 1 2015 - Qatar Computing Research Institute, Boeing to Host MLDAS 2015 in MarchQatar News Agency
(MENAFN - QNA) Building on the overwhelming success of last year's inaugural symposium, Qatar Computing Research Institute (QCRI) and Boeing are once again partnering to host the second edition of ...

more...


 






Google

Click to Apply

 
 

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