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
Brief scores:
Manchester City 3
Bernardo Silva 16', Sterling 57', Gundogan 79'
Bournemouth 1
Wilson 44'
Man of the match: Leroy Sane (Manchester City)
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
PULITZER PRIZE 2020 WINNERS
JOURNALISM
Public Service
Anchorage Daily News in collaboration with ProPublica
Breaking News Reporting
Staff of The Courier-Journal, Louisville, Ky.
Investigative Reporting
Brian M. Rosenthal of The New York Times
Explanatory Reporting
Staff of The Washington Post
Local Reporting
Staff of The Baltimore Sun
National Reporting
T. Christian Miller, Megan Rose and Robert Faturechi of ProPublica
and
Dominic Gates, Steve Miletich, Mike Baker and Lewis Kamb of The Seattle Times
International Reporting
Staff of The New York Times
Feature Writing
Ben Taub of The New Yorker
Commentary
Nikole Hannah-Jones of The New York Times
Criticism
Christopher Knight of the Los Angeles Times
Editorial Writing
Jeffery Gerritt of the Palestine (Tx.) Herald-Press
Editorial Cartooning
Barry Blitt, contributor, The New Yorker
Breaking News Photography
Photography Staff of Reuters
Feature Photography
Channi Anand, Mukhtar Khan and Dar Yasin of the Associated Press
Audio Reporting
Staff of This American Life with Molly O’Toole of the Los Angeles Times and Emily Green, freelancer, Vice News for “The Out Crowd”
LETTERS AND DRAMA
Fiction
"The Nickel Boys" by Colson Whitehead (Doubleday)
Drama
"A Strange Loop" by Michael R. Jackson
History
"Sweet Taste of Liberty: A True Story of Slavery and Restitution in America" by W. Caleb McDaniel (Oxford University Press)
Biography
"Sontag: Her Life and Work" by Benjamin Moser (Ecco/HarperCollins)
Poetry
"The Tradition" by Jericho Brown (Copper Canyon Press)
General Nonfiction
"The Undying: Pain, Vulnerability, Mortality, Medicine, Art, Time, Dreams, Data, Exhaustion, Cancer, and Care" by Anne Boyer (Farrar, Straus and Giroux)
and
"The End of the Myth: From the Frontier to the Border Wall in the Mind of America" by Greg Grandin (Metropolitan Books)
Music
"The Central Park Five" by Anthony Davis, premiered by Long Beach Opera on June 15, 2019
Special Citation
Ida B. Wells
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
%E2%80%98White%20Elephant%E2%80%99
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Jesse%20V%20Johnson%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Michael%20Rooker%2C%20Bruce%20Willis%2C%20John%20Malkovich%2C%20Olga%20Kurylenko%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution