Dubai Investments posts H1 2018 profit growth
Investment conglomerate has had a good year after posting quarterly and half-year profit growth so far in 2018
Dubai Investments' strong start to the year has continued after reporting a modest increase in H1 2018 profit.
The diversified investment conglomerate, which is building a string of properties in the UAE, said its H1 2018 net profits increased by $2.9m (AED11m), rising from $130.7m (AED480m) in H1 2017 to $133.6m (AED 491m) during the first six months of this year.
Total income also increased for the Dubai Financial Market-listed company, climbing from $348.5m (AED1.28bn) to $430.2m (AED1.58bn).
Half-year profit growth for the company developing Mirdif Hills, Green Community DIP Phase 3, and the $125m (AED460m) Fujairah Business Centre came after the business posted a 25% rise in Q1 2018 profits earlier this year.
Profit and income growth for Dubai Investments in H1 2018 was driven by the firm's $136.1m (AED500m) strategic acquisition of a 50% stake in Emirates District Cooling (Emicool), which it bought from Union Properties earlier this year.
Managing director and chief executive officer of Dubai Investments, Khalid Bin Kalban, revealed in a statement on 31 July that the company had advanced its diversification strategy and was evaluation opportunities in education, healthcare, leisure, and financial services.
He said one of the company's subsidiaries, Al Mal Capital, was working with local regulators to launch a mixed-use real estate investment trust (REIT), which Kalban said would be listed on Dubai's stock market before the end of the year.
By diversifying into a range of different sectors and rolling out a REIT on the market, Kalban said Dubai Investments would "ensure sustainability of growth and enhance value to shareholders".