Dubai Investments reports AED1.1 billion net profit for 2015
(MENAFN- Emirates News Agency (WAM))
DUBAI 1st February 2016 (WAM) -- Dubai Investments today announced preliminary unaudited results for the period ended 31st December 2015.
Dubai Investments delivered a strong full-year 2015 net profit of AED1.1 billion attributable to shareholders of the company and earnings per share of AED0.27. Excluding the previous year's one-off profit of AED472 million on the 66% divestment of Globalpharma this represents an increase of 27% compared to AED871 million net profit achieved in 2014. Return generated on average equity was 10.3%.
The net profit for Q4 2015 was AED357 million a year-on-year increase of 2.7% compared to AED348 million for Q4 2014. Total assets rose by AED1 billion to AED15.5 billion as at 31 December 2015 an increase of 7% compared with AED14.5 billion at the end of 2014.
Commenting on the results Khalid Bin Kalban Managing Director and CEO of Dubai Investments said "We have once again delivered strong results against the backdrop of a challenging environment. This underpins the diverse nature and adaptability of our businesses which enable us to take advantage of varied opportunities that arises in the market from time to time."
"As part of the group strategy we have now ventured into the healthcare and education sectors as these are areas which we believe will benefit from significant growth in the future. We have also tapped into promising markets across the GCC and Africa to further strengthen our position as a regional powerhouse" Mr. Kalban added.
During 2015 Dubai Investments acted upon its plans to enhance its geographical footprint in Saudi Arabia by entering into a joint venture to develop Riyadh Investment Park a project targeted at meeting the rising demands for warehousing and industrial real estate in the eastern part of Riyadh. Furthermore it raised its stakes in Al Mal Capital and Emirates Float Glass and made investments in King's College Hospital Dubai and the Dubai campus of MODUL University. The group also successfully divested its stakes in rubber companies held by its subsidiary Masharie realising an impressive IRR of 18%.
Looking ahead Mr. Kalban said "In 2016 Dubai Investments will continue to target new opportunities with a focus on increasing its asset base strengthening bottom line and improving operational efficiency. The fundamentals of the UAE economy are strong and diversification is increasing the country's resilience to macroeconomic risks. Infrastructure development will be a key factor this year as we expect the Dubai government to begin mobilising EXPO 2020 related projects towards the end of this year."
Dubai Investments owns 41 subsidiaries joint ventures and associates across a diverse range of sectors and continues to seek new investment opportunities in new sectors locally and internationally as part of its strategic roadmap.
WAM/Esraa/Moran