Dubai Investments recorded significant profit growth in the second quarter after an increase in the value of its securities portfolio and the sale of a stake in a pharmaceutical subsidiary.
The company earned profits of Dh805 million, driven by a near-doubling of the value of its “unquoted equity securities, funds and bonds”. The value of its unquoted security holdings increased from Dh268.5m in December to Dh512.3m at the end of June.
Dubai Investments also gained from its sale of a 66 per cent stake in Globalpharma, a manufacturer of generic drugs, to the French company Sanofi. This deal earned Dubai Investments Dh370m in receivables in the second quarter.
Dubai Investments’ listed equities portfolio fell slightly to Dh362m in the second quarter, down from Dh373m at the beginning of the year.
Investments outside of the GCC experienced the largest growth, with international investments increasing in value from Dh281.8m to Dh452.3m – a gain of 60 per cent.
Revenue from real estate development increased by 24 per cent over the first half of the year to Dh399.6m, up from Dh320.4m in the year-earlier period.
Construction revenues rose slightly to Dh752m in the first six months of the year, up from Dh727m in the previous comparable period.
Dubai Investments’ cash position decreased slightly, with holdings totalling Dh751m at the end of June, down from Dh 1 billion in the first quarter.
First-half earnings per share grew from Dh0.09 to 0.21.
The company’s share price decreased by 0.56 per cent, closing at Dh3.53 a share.
Dubai Investments said last month that it was considering two major acquisitions, made possible by its strong cash position.
“Several projects are under consideration,” said Khalid bin Kalban, the chief executive of Dubai Investments. “We have a strong thrust in developing our real estate business.”
Dubai Investments is examining mixed-use business park developments in Libya and Erbil, the company said in May. These would be similar to the existing Dubai Investments Park.
In April, the company voted at its annual general meeting to issue a dividend worth 7 per cent of the share price in cash, and 7 per cent in bonus shares.
abouyamourn@thenational.ae
Follow The National's Business section on Twitter
Sri Lanka World Cup squad
Dimuth Karunaratne (c), Lasith Malinga, Angelo Mathews, Thisara Perera, Kusal Perera, Dhananjaya de Silva, Kusal Mendis, Isuru Udana, Milinda Siriwardana, Avishka Fernando, Jeevan Mendis, Lahiru Thirimanne, Jeffrey Vandersay, Nuwan Pradeep, Suranga Lakmal.
The squad traveling to Brazil:
Faisal Al Ketbi, Ibrahim Al Hosani, Khalfan Humaid Balhol, Khalifa Saeed Al Suwaidi, Mubarak Basharhil, Obaid Salem Al Nuaimi, Saeed Juma Al Mazrouei, Saoud Abdulla Al Hammadi, Taleb Al Kirbi, Yahia Mansour Al Hammadi, Zayed Al Kaabi, Zayed Saif Al Mansoori, Saaid Haj Hamdou, Hamad Saeed Al Nuaimi. Coaches Roberto Lima and Alex Paz.
More coverage from the Future Forum
More from Rashmee Roshan Lall
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
THE SPECS
Cadillac XT6 2020 Premium Luxury
Engine: 3.6L V-6
Transmission: nine-speed automatic
Power: 310hp
Torque: 367Nm
Price: Dh280,000
Chelsea 2 Burnley 3
Chelsea Morata (69'), Luiz (88')
Burnley Vokes (24', 43'), Ward (39')
Red cards Cahill, Fabregas (Chelsea)
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
