(MENAFN- Khaleej Times) The company in which sovereign fund Investment Corp of Dubai owns an 11.5 per cent stake said its total assets rose to Dh14.67 billion compared to Dh13.2 billion in the first three months.
Dubai - Dubai Investments (DI) which is listed on the Dubai Financial Market on Wednesday said it recorded a 6.5 per cent rise in net profit to Dh282 million for the first quarter of 2015 and plans to enter new markets in Africa and the Gulf region.
“Several new investment proposals are currently under evaluation with some of them in advanced stages of negotiations” Khalid bin Kalban the investment company’s chief executive said in a statement.
The company in which sovereign fund Investment Corp of Dubai owns an 11.5 per cent stake said its total assets rose to Dh14.67 billion compared to Dh13.2 billion in the first three months while the consolidated total income in first quarter was Dh543 million as against Dh738 million in the corresponding period last year.
The company’s net worth grew to Dh10.39 billion compared to Dh9.3 billion at the end of first quarter 2014. The annualised return on equity achieved for the period was 10.8 per cent.
Kalban said Dubai Investments continues to leverage on its diversified business model to record consistent growth in its net profit and assets.
“The company’s real estate and manufacturing businesses have witnessed positive trends and both the sectors are expected to continue the growth trajectory through the year. 2015 is a very active year for Dubai Investments and will witness a number of project announcements across its portfolio.”
“The outlook for 2015 is positive and the company is targeting diversified sectors such as financial services education healthcare and energy. Further the company is in negotiations to enter into new geographical markets of Africa and the GCC. Several new investment proposals are currently under evaluation with some of them in advanced stages of negotiations” said Kalban.
He said the company has consolidated its position in the glass sector by acquiring additional 20.15 per cent interest in Emirates Float Glass increasing its ownership to 87.43 per cent.
In March Kalban said DI which is marking its 20th anniversary in 2015 plans to float at least one subsidiary in 2016 and could also divest other holdings.
Over the years DI has built strong credentials underpinned by proven partnerships smart acquisitions profitable exits and a robust commitment to value creation. Dubai Investments will continue to build its expertise across both established and new sectors as part of its transition into the next phase of growth he said.
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