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(MENAFN - Khaleej Times) Dubai Investments PJSC, the largest investment company listed on the Dubai Financial Market, on Wednesday said its profit for the first six months of 2010 declined 14.8 per cent to Dh473.97 million from Dh556 million a year ago.
Total income for the first half was Dh1.67 billion, down from Dh1.74 in the same 2009 period, according to the consolidated income statement posted by Dubai Investments (DI) on the Dubai Financial Market website.
In the second quarter, DI’s net profit went down by 31.6 per cent to Dh196.3 million compared to the same 2009 period, after being hit by a loss of Dh49.7 million on the fair value of its investments.
DI’s total liabilities as at 30th June 2010 stood at Dh5.04 billion, while non-current assets totalled Dh8.62 billion. The annualised return on share capital achieved for the period is 27 per cent, a DI statement emailed to Khaleej Times said.
“The company is well capitalised with equity of Dh8.87 billion over an asset base of Dh13.91 billion with leverage ratio at less than 25 per cent. It is because of this low leveraged structure that DI has been able to maintain its strong market position and achieve consistent results even in these difficult times,” said Khalid bin Kalban, DI’s Managing Director and Chief Executive.
“The main drivers of DI’s revenue are its industrial, real estate and financial investments and it is therefore encouraging to see signs of recovery in the regional economies,” Kalban added in the statement.
Kalban said he expected the positive trend to continue. “Our focus will continue to remain on optimising costs and increasing revenues by identifying new geographical markets and business segments,” he said.
DI has already initiated processes for the M’Sharie IPO in 2011 and is in active discussions with local stock exchanges. “The IPO of M’Sharie will result in raising liquidity and will provide a platform for future growth,” he said.
In the first half, the development of area I and II of Phase VII of Dubai Investments Park, the largest integrated business and residential community in the Middle East, was completed, the DI statement added.
“Work on remaining areas of Phase VII and the entire phase VIII is currently under progress. Phase VIII will spread across 500,000 square metres and will be a hub for logistics services as significant portion of land has been allocated for this sector. “
DI has investments in companies such as Glass LLC, Dubai Investments Industries, Gulf Investments Park, and DI Real Estate Company.
By Issac John
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