Diversified investments conglomerate Dubai Investments has seen its net profit surge by 25% to $99m (AED362m) in the first quarter of 2018, as compared to $79m (AED289m) in the corresponding period last year.
Total Income for the company increased by 33% to $252m (AED927m) as compared to $190m (AED697m) for Q1 2017, while earnings per share increased by 28% to AED0.09/share from AED0.07/share in the previous year.
From December-end 2017, total assets rose to $5.2bn (AED19.2bn) as compared to $4.6bn (AED17bn) with annualized return on equity registering at 11.86%.
Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: “Dubai Investments is pleased to announce strong Q1 results which has been driven by the strategic acquisition of additional 50% stake in Emirates District Cooling (Emicool).”
With a strong pipeline of ongoing real estate developments such as Mirdif Hills, Dubai Investments is also working on several other projects and transactions which, according to Kalban, will continue to enhance shareholder’s value.
These include launching a multi-asset class REIT expected to be listed on the local market, IPO of Emicool and establishment of the campus of University of Balamand in Dubai.
Kalban added that the group is also targeting investments in sectors related to financial services, education, healthcare, and entertainment with a strategy of diversifying its asset base.