Dubai Holding's arm posts 24% rise in H1 profits
The group continued to see good operational progress with all businesses performing well and contributing to its profitability
Dubai Holding Commercial Operations Group (DHCOG), part of the Dubai Holding conglomerate, recorded a 24% increase in the net profit in the first six months of 2015.
The arm posted a net profit of $707m (AED2.6bn) in 2015 as compared to $571m (AED2.1bn) in the same period in 2014.
Commenting on the financial results, Fadel Al Ali, CEO of Dubai Holding, said: “We continue to improve the quality of DHCOG’s earnings by driving recurring revenue streams across all our businesses. These solid results demonstrate the company’s sound strategic planning and prudent financial management."
He added: "Strong business performance boosted by a range of new projects are expected to further support the company’s long-term growth. At Dubai Holding, we are proud of our achievements and remain fully committed to the vision of Dubai.”
Ahmad Bin Byat, vice chairman and managing director of Dubai Holding, said: “As Dubai gears up to become the most productive and innovative hub in the world, we have embarked on several initiatives to continue to develop strategic sectors vital to Dubai’s economy. Dubai Holding will continue to reinforce its successful strategy of investing in innovation, knowledge, technology, content and business clusters to support Dubai’s efforts in setting up advanced infrastructure, which in turn will attract top global talent.”
In a company statement, it was mentioned that the group continued to see good operational progress with all businesses performing well and contributing to its profitability.
The group expects its net profit to exceed $1.4bn (AED5.5bn) by the end of 2015.