Dubai Investments records $131m H1 2017 net profit
The company's total income for the first six months of 2017 was $350m, with its rental income reaching $125m, registering an 8% increase from H1 2016 figures
Dubai Investments has released its financial results for the first half of 2017, ending 30 June.
The company concluded the period with a net profit of $130.7m (AED480m), down from its net profit from H1 2016, which was $140.5m (AED516).
Meanwhile, the company’s total assets grew to $4.5bn (AED16.4bn), UAE news agency, WAM, reported.
The company’s total income for the period was $350m (AED1.3bn), with its rental income reaching $125m (AED459m), an 8% increase from H1 2016 figures, the report added.
Khalid bin Kalban, managing director and chief executive officer of Dubai Investments, said: "Dubai Investments has delivered a solid set of financial results.
"Excluding the one-off gain from divestments amounting to $50.6m (AED186m) in the first half of 2016, the company’s net profit has, in fact, grown by $40.9m (AED150m), an increase of 45%, in the first half of this year.
“The positive results are driven by growth in rental income, which has contributed to increase in underlying cash flows."
According to Dubai Investments, it is in the process of completing and handing over the Green Community DIP – West Phase III project (pictured).
The company’s other projects include Mirdif Hills, a mixed-use development with an estimated value of $817m (AED3bn); Fujairah Business Centre, a mixed-use development with hospitality and retail elements; and the infrastructure of the Palisades project within Dubai Investments Park.
"Dubai Investments [has a positive] outlook for the remainder of 2017, and [is] progressing on schedule on its various real estate projects across the UAE," Kalban added.
"The company plans to continue its diversification strategy, aimed at broadening its geographical footprint and branching out into the education and healthcare sectors, whilst growing its asset base and creating value for the shareholders."