CEO Khalid Bin Kalban says Dubai Investments 'optimistic' about 2019
MD and CEO says the company is confident about growth even as its Q1 2019 net profit sees a YoY decline of 44% to $55m
The managing director and chief executive officer of Dubai Investments Co (DIC), Khalid Bin Kalban, said the Dubai-based developer was “positive” about 2019 as the group posted a 44% year-on-year (YoY) decline in net profit for the first three months of the year.
According to its Q1 2019 financial statement, net profit at the Dubai Financial Market-listed firm stood at $55m (AED202m) for the three months to 31 March, down from Q1 2018’s $98.6m (AED362m).
Total assets in Q1 2019 increased to $5.5bn (AED20.1bn), compared to $5.3bn (AED19.6bn) as of 31 December, 2018.
In a statement, DIC said profit for Q1 2018 included an overall gain of $90.7m (AED333m) following the acquisition of a stake in Emirates District Cooling (Emicool), which was announced in January 2018.
The share was purchased for $136.1m (AED500m) from Union Properties.
Another $15m (AED55m) was noted as a gain in Q1 2019 following transactions related to merger and acquisitions.
Speaking on the results, Kalban said: “Excluding these one-off items, the net profit for Q1 2019 has increased by $32m (AED118m).
“This is mainly due to increase in gain on fair valuation of investments, which is quite encouraging as it indicates improving market conditions.”
Kalban said the company’s outlook for the rest of 2019 was optimistic, and noted that its various real estate developments were “nearing completion”.
DIC announced in April that it would release 279 of its Al Multaqa Avenue homes soon, marking progress on the Mirdif Hills project that subsidiary Dubai Investments Real Estate Company is implementing.
In February, the developer announced that its G+14 residential tower Al Barsha 1 was on track to be completed in December 2019.