Dubai Investments, a diversified holding company, reported a 78 per cent surge in its 2021 net profit as revenue rose on the back of an improved performance by its business units.
Total net profit attributable to the owners of the company for the full year climbed to Dh619.4 million ($168.7m), the company said in a statement to the Dubai Financial Market, where its shares are traded.
Revenue during the period rose 28 per cent to Dh3.41 billion.
The profit increase was mainly due to the strong performance of its manufacturing, contracting and services segment, as well as gains on the fair valuation of financial investments and investment properties, and the acquisition of additional interest in an equity accounted investee, the company said.
Set up in 1995, the Dubai-listed holding company holds stakes in companies involved in a range of sectors including property, industrial, financial services, health care and education.
It owns businesses such as Dubai Investments Park, venture capital company Masharie, Al Mal Capital and district cooling company Emicool. The emirate's sovereign wealth fund, the Investment Corporation of Dubai, holds a stake in the company.
Dubai Investments aims to strengthen its foothold in the property sector and last year signed an agreement with Ras Al Khaimah master developer Marjan to acquire land to develop a Dh1bn mixed-use waterfront destination on Al Marjan Island.
It is also building a Dh500m project in Fujairah with shopping malls, residential and commercial towers and a hotel. In addition, it is developing a Dh3bn mixed-use project in Mirdif with more than 1,000 residential units, an office building and a hotel.
The UAE's economy continues to recover from the coronavirus pandemic and is expected to grow 4.6 per cent this year, according to Emirates NBD.
