Dubai Investments, the leading diversified investment company listed on the Dubai Financial Market (DFM), has reported a net profit after tax attributable to shareholders of AED 409.20 million for the first half of 2024.
This compares to AED 580.48 million during the same period last year. For the second quarter ending June 30, 2024, the company recorded a net profit of AED 289.24 million, up from AED 266.03 million in the corresponding period of 2023.
Despite a lower overall profit compared to the previous year due to a one-off gain on the fair valuation of investment properties in 2023, Dubai Investments achieved significant growth when adjusted for this factor, with profits up by 78% for the quarter and 83% for the half-year.
The Group’s total assets increased to AED 21.82 billion as of June 30, 2024, from AED 21.44 billion at the end of December 2023. The equity attributable to the company’s owners stood at AED 13.34 billion, slightly lower than AED 13.46 billion at the end of 2023.
Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, attributed the strong financial performance to successful business strategies, particularly in the property sector, and the excellent performance of the Group’s investment portfolio. He highlighted key developments such as the launch of the Violet Tower residential project in Jumeirah Village Circle and the significant progress on Phase 1 of the Danah Bay project in Ras Al Khaimah, expected to make substantial progress by the end of 2024.
Additionally, Dubai Investments’ Al Mal Capital REIT acquired 100% equity interest in Carnation Education LLC, which holds the properties of Kent College in Dubai, marking a strategic expansion of the REIT’s investment portfolio.
Looking ahead, Dubai Investments remains optimistic about sustaining its robust performance through the rest of 2024. The Group plans to continue focusing on key real estate projects and expanding its investment footprint across regional and international markets, further solidifying its position as a pivotal player in driving economic growth.
News Source: Dubai Media Office
