Dubai Investments reports impressive 450% increase in net income for first half of 2005
Dubai Investments Group has reported impressive results for the first half of 2005, with a 450 per cent increase in consolidated net income over the same period last year. Consolidated net income as of June 30, 2005 stood at AED 253 million compared to AED 46 million for the same period last year and AED 309 million for the full year 2004, reflecting continued and sustained growth of all companies within the Group.
Consolidated Group total income for the first half of this year stood at AED 637 million, an increase of AED 362 million or 132 per cent compared to the same period last year, and makes up 72 per cent of the total income for the entire year 2004.
Consolidated Group total assets as of June 30, 2005 was AED 2.6 billion, which was a 37 per cent increase from AED 672 million, recorded in the same period last year. This also marked an increase by AED 331 million, or 18 per cent as compared to the previous year end i.e. 31 December 2004.
On an overall basis, liabilities have not increased in comparison to the same period last year and the previous year-end, as new investments and growth in assets have been achieved from reinvestment of profits generated over the respective periods.
Shareholders’ Equity at AED 1.3 billion increased by AED 500 million or 62 per cent, compared to June 2004 and by AED 247 million or 23 per cent when compared to December 2004. Furthermore, the Group retained earnings reflects a positive balance of AED 249 million as of June 30 2005.
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