Profits more than double for Dubai Investments
Conglomerate posts net profit of $219.2mn for first six months of 2014
Dubai Investments has revealed that its net profit for the first six months of the year more than doubled, on the back of gains from the divestment of one of its assets.
The conglomerate, in which sovereign fund Investment Corp of Dubai owns an 11.5% stake, posted a net profit of AED805mn ($219.2mn) in the six months to 30 June, compared with AED370mn ($210.7mn) in the same period of 2013.
The company did not provide quarterly figures but news agency Reuters calculated a net profit of AED540mn ($147mn) in the second quarter based on financial statements. This would be more than three times the AED158.5mn ($43.1mn) it made last year.
In May, Dubai Investments divested a 66% equity stake in its wholly-owned pharmaceutical unit Globalpharma to an investor group led by French drugmaker Sanofi. This contributed a profit of AED472mn ($128.5mn) for the first-half period, the statement added.