Dubai Investments on Tuesday said its net profit in the third-quarter rose 4 per cent on the back of higher rental income and increase in gain on fair valuation of investment properties.
The Dubai-listed diversified conglomerate posted net profit of Dh350 million for the third quarter, an increase of 4.8 per cent over Dh334 million achieved during the same quarter in the last year.
The company’s shares gained 2.3 per cent on Tuesday to close the day Dh2.63. Third-quarter 2017 total income fell to Dh749.2 million from Dh814.3 million in the same quarter last year.
The company’s net profit for the first nine months of 2017 dropped 2.3 per cent to Dh830 million compared to Dh850 million for the same period in 2016. While total income during the period was Dh2.03 billion as against Dh2.18 billion while total assets reached Dh16.73 billion as of the end of Q3 2017.
As of September 30, 2017, Dubai Investments generated annualised return on equity of 9.47 per cent. Earnings per share was Dh0.20 for the period.
“Excluding the one-off gain from divestments amounting to Dh186 million in 2016, the company’s net profit has in fact grown by Dh166 million. The increase in profit is attributable to increase in rental income by Dh36.8 million and corresponding increase in gain on fair valuation of investment properties by Dh126.6 million,” said Khalid bin Kalban, managing director and CEO of Dubai Investments.
He added: “Dubai Investments is on track to achieve its targets and is progressing with its strategy of enhancing its investments in the healthcare and education sectors. At the same time, the company is focused on various real estate development projects which will monetize its land bank and deliver value to its shareholders.”
Source: Google Alerts
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