Abu Dhabi, UAEFriday 18 September 2020

Dubai Investments' full-year profit edges up on higher operating income

Company's total assets increase by 7 per cent to Dh20.9bn in 2019

Dubai-listed Amanat Holdings is looking to cut cost amid pandemic-driven slowdown. AFP 
Dubai-listed Amanat Holdings is looking to cut cost amid pandemic-driven slowdown. AFP 

Dubai Investments, a diversified company in which sovereign wealth fund Investment Corporation of Dubai holds a stake, reported a 1 per cent increase in its full-year net profit due to higher operating income.

Net profit attributable to owners for the full year ending December 31, 2019 climbed to Dh658 million, the company said in a statement to the Dubai Financial Market where its shares trade. Operating profit during the period jumped 10 per cent year-on-year to Dh1.18 billion.

Revenue on the other hand, slid to Dh2.82bn, from Dh3.04bn a year earlier.

"The profit for the previous year [2018] included one off gain of Dh333m on M&A transactions. Hence, the profit for the current year is significantly higher if these one-off gains are excluded. This is mainly due to gain recognised on fair valuation of financial investments,” the company said on Tuesday.

Dubai Investments' total assets at the end of the year reached Dh20.9bn, up 7 per cent since the end of 2018.

Set up in 1995, Dubai Investments has interests in various sectors including real estate, industrial, financial, healthcare and education.

The company, in which ICD holds an 11.54 per cent stake, owns businesses such as Dubai Investments Park, venture capital company Masharie, investment banking company Al Mal Capital and a number of building materials entities. It also owns district cooling company Emicool.

By 12.06pm UAE time on Tuesday, Dubai Investments shares were up 3 per cent, trading at Dh1.32 per share.

Updated: February 4, 2020 01:25 PM

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