Dubai Investments, a diversified investment company, reported a 65 per cent annual jump in its second quarter net profit as revenue rose on the back of the robust performance of its real estate business.
The total net profit attributable to the owners of the company for the April-June period climbed to Dh266.03 million ($72.4 million), the company said in a statement to the Dubai Financial Market, where its shares are traded.
Total income of the company during the period jumped 28.7 per cent yearly to more than Dh1.01 billion.
“The increase in net profit is mainly due to the strong performance of the real estate segment underpinned by substantial returns from the investment portfolio,” Khalid Bin Kalban, vice chairman and chief executive of Dubai Investments, said.
“The Danah Bay, Al Marjan Island, Ras Al Khaimah project continues to attract significant interest,” Mr Kalban said.
The company’s first-half profit surged 59.4 per cent to Dh580.47 million, as total income grew more than 30 per cent to Dh2.03 billion, the company said.
Dubai Investments is focused on deploying capital effectively in other value-accretive opportunities, Mr Kalban said.
“As Dubai Investments progresses into the second half of the year, the group is upbeat on its overall growth and looks forward to leveraging its expertise in expanding its portfolio and maximising returns for investors,” he added.
Total assets of the company stood at more than Dh20.8 billion as of June 30, compared to Dh20.4 billion at the end of last year.
The company reported a higher earnings as the UAE property market continues to recover from the coronavirus pandemic on the back of government initiatives and other measures to support the economy.
In December, Dubai Investments started the construction of its Dh1 billion residential development in Ras Al Khaimah.
In January, it acquired 9 per cent of UK-based digital lender Monument Bank as part of efforts to diversify into the booming financial technology space.