DI records Dhs171m profit

Dubai Investments (DI) on  Sunday announced its financial results for the six month period ended June 30, 2012. DI reported another quarter of strong results with profits of Dhs171 million for the period and total income at  Dhs1.26 billion. Total assets amount to Dhs13.6 billion while total liabilities amount to Dhs 4.6 billion. Net worth of the company stands at Dhs9.0 billion and the annualised return on share capital achieved for the period was 9.6 per cent. Khalid Bin Kalban, Managing Director and CEO, Dubai Investments, said: “The year 2012 has been promising and there has been renewed investment activity in the region which is a sign of economic growth. The tourism sector has been on the upswing for sometime and now the local real estate market is also picking up. All these factors have contributed to the Group’s sustained performance.” “Moving forward, we are targeting exits from selected investments which are expected to to further contribute to the Group’s profitability. We will continue to explore opportunities in strategically promising businesses in existing and new geographical locations to consolidate our position as an important player in the region while providing significant returns in the future” Kalban added. From:Gulftoday