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
 Mar 1 2015 - Nbad- USD48t needed to meet global power demandMENAFN
(MENAFN) Energy demand in the Gulf to triple in the next fifteen years far outstripping today's supply, a report released by National Bank of Abu Dhabi (Nbad), Gulf News reported.It figures out that ...

 Mar 1 2015 - Bahrain, Russia to boost trade tiesMENAFN
(MENAFN) The Bahrain side of the Bahraini-Russian Joint Business Council held its first meeting, under the chairmanship of BCCI Chairman, Saudi Gazette reported.However, hailing the relations between ...

 Mar 1 2015 - Abu Dhabi's Eagle Hills plans new USD80b Egyptian cityMENAFN
(MENAFN) Abu Dhabi-based developer Eagle Hills is set to build a new city worth USD80 billion near Cairo, Arabian Business reported.The new city is set to include an airport, hotels, and a mall as ...

 Mar 1 2015 - S. Korean President Starts Mideast TourQatar News Agency
(MENAFN - QNA) South Korean President Park Geun-hye left for Kuwait on Sunday on a nine-day, four-nation trip to the Middle East expected to focus on wide-ranging economic cooperation beyond energy ...

 Mar 1 2015 - Car bombs kill27 in BaghdadArab News
(MENAFN - Arab News) BAGHDAD: Car bombs targeting a crowded market and Shiite militia checkpoints north of Iraq's capital killed 27 people Saturday authorities said as the country's prime minister ...

 Mar 1 2015 - Kuwait reopens Yemen embassy in AdenArab News
(MENAFN - Arab News) KUWAIT CITY: Kuwait decided to reopen its Yemeni embassy in Aden instead of the militia-controlled capital Sanaa.'In the framework of supporting constitutional legitimacy in ...

 Mar 1 2015 - Saudi- 3000 vacanciesto be availablein next episodeof 'Jobs on Air'Arab News
(MENAFN - Arab News) There will be 3000 job opportunities for unemployed young male and female Saudis as well as for foreigners during the tenth session of 'Jobs on Air' on Al Danah television ...

 Mar 1 2015 - Saudi- Al-Samaani: Judicial system impartialArab News
(MENAFN - Arab News) Saudi Arabia's justice system is based on the provisions of Islamic law derived from the Holy Qur'an and the Sunnah (tradition) of the Prophet (peace be upon him). This ensures ...

 Mar 1 2015 - Saudi- Many Madinah sites need better careArab News
(MENAFN - Arab News) Several residents in the city of Madinah have drawn attention of the competent authorities toward multiple Prophet's heritage sites and relics in the area including wells ...

 Mar 1 2015 - Small to medium companies not fit to employ Saudi womenArab News
(MENAFN - Arab News) Business sectors in the Kingdom with less than 500 workers are not fit to employ women at least according to assessments made by the Ministry of Labor's adviser.In his report the ...

more...


 






Google

 
 

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