(MENAFN- Khaleej Times) E investment company which is listed on the Dubai Financial Market announced that its net profit for January to June period surged to Dh805 million compared to a net profit of Dh370 million for the similar period last year.Dubai Investments (DI) on Sunday declared a 118 per cent increase int its net profit for the first half of the year compared to same period last year.
The investment company which is listed on the Dubai Financial Market announced that its net profit for January to June period surged to Dh805 million compared to a net profit of Dh370 million for the similar period last year.
The annualised return on share capital achieved for the period was also higher at 42.1 per cent compared to 21.5 per cent for the full year of 2013.
Khalid bin Kalban managing director and chief executive officer of Dubai Investments said: “We are quite pleased with the way 2014 has progressed so far. In Q1 2014 DI concluded a historic $300 million Sukuk issuance and now in Q2 we have successfully concluded a strategic divestment of 66 per cent interest in Globalpharma. These transactions have reinforced our position as a major player in the UAE business landscape and have placed us in a good position to capitalize on the available opportunities and create further value for our shareholders.”
During the period DI divested 66 per cent equity stake in its wholly-owned pharmaceutical subsidiary Globalpharma Co. LLC (Globalpharma) to an investor group led by Sanofi a leading global healthcare company. The transaction contributed a profit of Dh472 million to DI representing realised gain on disposal of controlling interest of Dh296 million and fair value gain on the retained investment of Dh176 million.
“Our divestment in Globalpharma was well-timed as we capitalised on the rapid growth in the pharmaceutical sector in the region. With the direction and backing of DI the management executed a successful strategy and created an opportunity for a lucrative divestment” Kalban added.
DI owns around 35 subsidiaries and joint ventures encompassing a diverse range of sectors including manufacturing of construction-related materials fast moving consumer goods pharmaceuticals industrial and commercial properties real estate management and property development information technology solutions driver education district cooling and financial investments.
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