Dubai Investments H1 profits surge by 47%

Dubai Investments on Thursday reported a 47 percent surge in net profits to AED302 million for the six months ended 30th June 2021 as compared to AED205 million for the same period last year.

The increase in net profit for the period is mainly due to enhanced performance of the manufacturing and contracting and investment segments, the company said in a statement on Thursday.

Total income for the period also increased by 51 percent to AED1.72 billion as compared to AED1.14 billion for the previous period as the Group ramped up sales in its property segment.

The Group acquired an additional 21.53 percent interest in National General Insurance PJSC (NGI) during the current reporting period. Subsequently, the Group has further acquired 15.19 percent interest in NGI, taking its total stake to 45.18 percent.

Khalid bin Kalban, Vice Chairman and CEO of Dubai Investments, said,

"We’re pleased to see that our activities in the first half of the year have led to all-around growth that is quite promising. As we move forward with our plans for the latter half of 2021, we expect to continue building on the momentum and successes achieved so far."

"Key amongst these is our commitment to diversifying into healthcare and education, as well as focus on real estate, including the ongoing development of mixed-use communities in Mirdif Hills and Fujairah. We also continue to explore opportunities for sustainable growth across the sectors that we operate in and look forward to sharing updates on these in due course."

News Source: Emirates News Agency