Dubai Investments, which is listed on the Dubai Financial Market (DFM), has reported a 20.5 per cent rise in net profits to Dhs364m for the six-month period ended June 30, as compared to Dhs302m during the corresponding period of 2021.
The growth in the profit by Dhs62.01m is mainly driven by the continued strong performance of the group’s manufacturing, contracting and services segment.
Total assets for the group remained stable at Dhs22bm. Total equity increased to Dhs12.1bn compared to Dhs11.98bn during the same period last year.
The group has completed divestment of 50 per cent equity interest in Emirates District Cooling (Emicool) and will recognise the resultant gain on disposal and fair valuation gain on retained interest amounting to Dhs980.4m in Q3 2022.
Khalid Bin Kalban, vice chairman and CEO of Dubai Investments, said: “We are already halfway through 2022 and the results during this time reiterate the resilience of our business model and it is worthy to note that we have been moving steadily with a continuous and a consistent growth plan. As a group, we are focused on a strategic diversification process through organised investments and divestments.
Despite the challenging macro economic environment, our outlook for the rest of the year remains cautiously optimistic, as we are focused on channelising efforts towards expanding business regionally and identifying strategic investment opportunities across our businesses.”
In recent news, Emirates Building Systems, established in 1997, as a subsidiary of Dubai Investments, and one of the leading manufacturers of steel structures in the Middle East, completed 25 years in steel business.