dubai investments net profit jumps by 30 in third quarter 2015
Last Updated : GMT 12:25:34
Arab Today, arab today
Arab Today, arab today

Dubai Investments net profit jumps by 30% in third quarter 2015

Arab Today, arab today

Arab Today, arab today Dubai Investments net profit jumps by 30% in third quarter 2015

Dubai Investment
Dubai - WAM

Dubai Investments today announced a jump in net profits by 30% to AED246 million for the quarter ended September 30th, compared to AED189 million for the same period in 2014.

Total assets as at September 30th, 2015, stood at AED14.98 billion, while net worth surged to AED10.37 billion. Total income for the period was AED 1.86 billion, as against AED 2.38 billion for the comparable period last year. The annualised return on equity achieved was 9.94%.

Profit for the nine-month period ended September 30th, 2015, was AED752 million, compared to AED995 million for the same period last year.

Khalid bin Kalban, Managing Director and CEO of Dubai Investments, said, "The consistently strong results achieved by Dubai Investments reflects our strength across a diversified investment base. The profits for the corresponding period last year included a one-off gain of AED 472 million arising from the Globalpharma divestment."

The company, celebrating its 20th anniversary in 2015, is targeting new investment opportunities in education, healthcare and energy sectors and is also expanding its geographical footprint.

"Dubai Investments has built strong credentials, underpinned by proven partnerships, smart acquisitions, profitable exits and a robust commitment to value creation. Dubai Investments is not only looking at building on its existing operations but also exploring opportunities in strategically-promising businesses across sectors in existing and new markets. Several new investment proposals are currently under evaluation, with some of them in advanced stages of negotiations, and the outlook for the rest of 2015 is very positive," added Kalban.

Earlier this year, Dubai Investments completed acquisition of a 59.66% stake in Al Mal Capital and increased its shareholding in the company to 60.86%. Dubai Investments also divested its interest in International Rubber Company and Techno Rubber Company this year.

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