Dubai Investments reports net profit of AED 1.035 billion for half year ended 30 June 2008
Dubai Investments PJSC (“DI”) reported exceptional results for the half year ended 30 June 2008 (‘the Period”), with consolidated total income of AED 2,662 million, which is 50 per cent more than the total income of AED 1,774 million for the half year ended 30 June 2007 (“same period last year”). The net profit for the period was AED 1.035 billion, which is 29 per cent more than the net profit of AED 803 million for the same period last year. These outstanding results were the product of excellent performances by group entities.
The total income for the second quarter of 2008 (2Q08) is AED 1.5 billion which is 47% more than the total income of AED 1.02 billion for the second quarter of 2007 (2Q07). The net profit for 2Q08 is AED 547 million which is 50% more than the net profit of AED 364 million for 2Q07.
Total assets have increased to AED 12.8 billion, a growth of 71 per cent over the total assets of AED 7.5 billion for the same period last year.
Total Shareholders’ Equity has increased to AED 6.8 billion, a growth of 62 per cent over the Total Shareholders’ Equity of AED 4.2 billion for the same period last year mainly on account of substantial net profit achieved and increase in share capital on rights issue. The return on average equity achieved for the period is 18%. The earnings per share (EPS) for the period is AED 0.32, 19% higher than the EPS of AED 0.27 for the previous period. This substantial increase in EPS is achieved after increase in share capital from rights and bonus issue. The return on average total assets achieved for the period is 9%.
“Our exceptional half-yearly performance reflects our continued ability to cater to customers across the full spectrum of our operations,” said Khalid Bin Kalban, Managing Director and CEO of Dubai Investments. “This growth has been achieved mainly through the outstanding performance of the group companies and through the significant gains from our real estate ventures. We expect to sustain this growth momentum into the future and further drive up the profits in the second half of 2008.”
“DI expects to maintain the growth momentum in the future. DI is currently finalizing divestment of 40% of M’Sharie and completion is expected shortly with significant gain that will be reflected in the results of Q3.” concluded Kalban.
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