Dubai Investments reports net profit of AED 963 million for the year ended 31 December 2009
Dubai Investments PJSC (“DI”), the largest investment company listed on the Dubai Financial Market, announced its preliminary results for the year ended 31 December 2009 (‘the year”), with net profit of AED 963 million.
DI reported consolidated total income of AED 3.67 billion for the year. Net profit for the fourth quarter of 2009 was AED 141 million, as against a loss of AED 87 million in the corresponding period of the previous year. Total Assets as at 31st December 2009 increased to AED 15.14 billion, while Net Worth increased to AED 7.92 billion. The return on Share Capital achieved for the year is 27%.
“We are pleased with the results achieved for 2009; the results have been above our expectations, given the challenging market conditions that prevailed throughout the year,” said Khalid Kalban, Managing Director and CEO of Dubai Investments PJSC. “DI has been able to maintain its track record of delivering consistently strong results despite a decline in revenue due to the downturn in the real estate sector.”
He added, “DI’s strong performance was primarily due to its diversified investment base, with revenues coming from three main sources – industrial ventures, financial investments and real estate. DI is now in a strong liquidity position, and the fundamentals of our business continue to remain solid.”
“With the global economy gradually recovering, we expect to post improved results in 2010, and are planning to invest AED 500 million over the course of the year, which would include investment in new projects as well as the expansion of existing ventures,” Kalban concluded.
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