(MENAFN - Khaleej Times) Dubai investments net profit surges 26% in q1total income stands at dh738m total assets rise to dh13.
dubai investments (di) on sunday said its 2014 first-quarter net profit surged 26 per cent to dh265 million from dh211 million in the same period last year.
in a statement the leading investment company listed on the dubai financial market reported a consolidated total income of dh738 million as against dh649 million in the similar period last year.
“we are delighted with the results in the first quarter of 2014. while all our businesses have contributed we have seen significant growth trends in our real estate and manufacturing portfolio. this comes amidst surging investor confidence across the uae and region and encouraging trends for our diversified businesses” khalid bin kalban managing director and chief executive officer dubai investments said.
the company said its total assets amounted to dh13.2 billion compared to dh12.5 billion as on march 31 2013. di’s net worth increased to dh9.3 billion as against dh8.7 billion at the end of first quarter of 2013. the annualised return on equity achieved for the period was 11.4 per cent compared to 9.7 per cent in the comparable period last year.
“subsequent to the highly successful issue of 300 million sukuk by dubai investments park development company a subsidiary of the group and increase in cash generated from group’s operations the liquidity position has improved significantly and the group is having available cash balances of more than dh1 billion. this enhanced liquidity will enable di to take advantage of market opportunities and several projects are under consideration. we have a strong thrust in developing our real estate business riding on the crest of the wave of the current upswing in the sector” kalban said.
incorporated in 1995 dubai investments has over 19894 shareholders and paid-up capital of dh3.5 billion.
the company owns around 40 subsidiaries and joint ventures and works in manufacturing financial investments real estate development and mergers and acquisitions. the portfolio comprises of six large investment units — glass llc dubai investments industries masharie company dubai investment park di real estate company and al taif investment.
“we are excited about the outlook for the rest of 2014 due to improved performance of our underlying entities operating across all sectors. further we are edging towards completion of a divestment transaction which will significantly contribute to the group’s profitability” kalban concluded.