Profit rises for Dubai Investments
A property and tourism rebound helped Dubai Investments to more than treble third-quarter profits.
The company, which owns stakes in more than 40 companies, posted profits of Dh81.4 million (US$22.1m) for the quarter, compared with Dh24.9m for the same period a year ago.
The company, which invests in sectors including property and manufacturing, said it had now refinanced some of its operations and was focused on expansion.
"We have successfully completed restructuring of debt obligations at certain group entities and these companies are now focused on their operations for further growth," said Khalid bin Kalban,the managing director and chief executive.
"As political conditions in the Mena [Middle East and North Africa] region improve, DI is committed to exploring new geographical markets to expand its reach within the region while at the same time continually assessing its investment portfolio for exit opportunities."
In March, Dubai Investments announced that it was looking to sell some of its businesses and issue a sukuk worth up to Dh1 billion to repay debt and finance expansion.
The company said yesterday that profits for the nine months to September were slightly down compared with the previous year.
According to a filing to the Dubai Financial Market, profits attributable to shareholders for the first three quarters of the year fell 4.5 per cent to Dh252m.
Third-quarter sales gained 13.2 per cent from the previous quarter to Dh669.1m.
Total assets increased slightly, the company said, from Dh13.49bn last year to Dh13.72bn this year.
At the same time liabilities grew from Dh4.44bn last year to Dh4.69bn.
The total net worth of the company fell from Dh9.06bn last year to Dh9.03bn this year.
Published: November 6, 2012 04:00 AM