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Dubai Investments H1 profit surge 47% to Dh302m

Khaleej Times logo Khaleej Times 05/08/2021 Issac John
a large brick building with green grass with University of Alaska Museum of the North in the background: Dubai Investments H1 profit surge 47% to Dh302m © Provided by Khaleej Times Dubai Investments H1 profit surge 47% to Dh302m

Dubai Investments reported on Thursday a 47 per cent surge in net profits to Dh302 million for the six-month period ended June 30, 2021 as compared to Dh205 million for the same 2020 period.

The diversified investment company, which is listed on the Dubai Financial Market, said in a statement that the increase in net profit in the first half is mainly due to enhanced performance of the manufacturing and contracting and investment segments.

Khalid bin Kalban, vice chairman and CEO of Dubai Investments, said the company's activities in the first half of the year have led to all-round 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," said Kalban.

Dubai Investments' total income for the period increased by 51 per cent to Dh1.72 billion as compared to Dh1.14 billion for the previous period as the group ramped up sales in its property segment.

The group acquired additional 21.53 per cent interest in National General Insurance during the current reporting period. Subsequently, the group has further acquired 15.19 per cent interest in NGI, taking its total stake to 45.18 per cent.

issacjohn@khaleejtimes.com

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