UAE News Today : Business

Dubai Investments reports net profit of AED 817.02 million for the nine months of 2023

dubai investments, the leading diversified investment company listed on the Dubai Financial Market, has reported a net profit of AED 817.02 million for the nine-month period ended September 30, 2023, up from AED 1.49 billion from the same period last year. Total revenue for the period was AED3 billion compared to AED3.27 billion in the same period last year. Total assets reached AED 21.08 billion at the end of Q3 2023 and total shareholders’ equity increased to AED 13.13 billion.

The results for the current period are significantly higher by around 61% when adjusted for the one-time gain of AED 980.42 million on the divestment of the 50% stake in Emicool recorded in the previous period.

Khalid Bin Kalban, Vice Chairman and CEO of Dubai InvestmentsExpressing satisfaction with the good performance, he said

“Dubai Investments has been consistent in delivering strong financial results, despite a higher interest rate environment, a testament to the enduring resilience of the business model. In the third quarter, the exceptional performance of the Property segments and Investment drove results and we expect the momentum to be sustainable and continue for the rest of the year.

”The development of Danah Bay on Al Marjan Island, Ras Al Khaimah, is progressing well and the launch of the residential tower is expected soon. Dubai Investments is not only committed to expanding the Group’s successful business initiatives into new geographical frontiers, but is also constantly exploring other opportunities.”

News source: Emirates News Agency

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