Dubai Investments Co posts 17% Q2'19 net profit hike despite H1 drop
Q2 2019 net profits reached $41m at the holding company even as annual H1 net profit values dropped by 28%
Dubai Financial Market-listed investment firm Dubai Investments Company (DIC) – owner of Mirdif Hills' developer, Dubai Investment Real Estate Company – posted a 17% hike in its Q2 2019 net profits, which reached $41m (AED151m) during the period, despite a 28% decline in H1 2019 net profits to $96m (AED353m) from H1 2018's corresponding figures of $133.6m (AED491m).
The company said in a stock market filing that net profit valuations included gains on merger and acquisition (M&A) transactions, representing $17.4m (AED64m) in H1 2019 and $90.6m (AED333m) in H1 2018.
According to DIC, excluding income from the M&A transactions, net profits for H1 2019 increased by $35.7m (AED131m) compared to 2018 figures.
H1 2019 asset values at DIC grew by $296.8m (AED1.1bn) to reach $5.6bn (AED20.7bn) as of 30 June, 2019.
Commenting on the results, managing director and chief executve officer of DIC, Khalid Bin Kalban, said: “DIC has demonstrated its ability to generate strong performance consistently, despite the challenging economic environment.
“This is due to the group’s resilient and diversified nature, enabling delivery of sustainable results,” Kalban added.