Dubai Investments posts AED516m net profit in H1

Dubai Investments, a major diversified investment company listed on the Dubai Financial Market, has reported strong H1 results with AED516 million net profit, 2 percent higher than the AED506 million in the prior-year period.
Announcing the H1 financial results, Dubai Investments stated that total income was AED1.37 billion, which represents an 18 percent increase compared to the AED1.16 billion total income generated in H1 2015.
The positive results include rental income growth of AED424 million, an 8 percent increase in contract revenues to AED236 million, a AED186 million gain related to disposal of subsidiaries and valuation gains of AED86 million on investment properties, while sale of goods declined marginally to AED450 million. 
Market-to-market investments offset the results by AED27 million. In the first six months of 2016, earnings per share increased to AED0.13 from AED0.12 last year.
Total assets were AED15.7 billion at June 30, 2016, up AED446 million since the beginning of the year. This includes a healthy cash balance of AED1.1 billion, after the dividend pay-out of AED486 million in May 2016. 
Total liabilities increased by AED346 million since the beginning of the year to AED4.4 billion as at June 30, 2016, mainly due to increase in stake of property investments.
Dubai Investments maintained a low debt to equity ratio of 25.9 percent. The book value per share increased by 5.4 percent to AED2.64 as at June 30, 2016, compared to AED2.50 at June 30, 2015.
Khalid bin Kalban, MD and CEO of Dubai Investments PJSC, said: “Dubai Investments delivered a solid set of financial results, completed a number of important transactions and is in a strong position to deploy capital into attractive investment opportunities to drive future growth.”

Source: Arab News