Dubai Investments reports profit of AED264 million for nine month period ended 30 September 2011

Dubai Investments, DI, the largest investment company listed on the Dubai Financial Market, today announced its financial results for the nine month period ended 30 September 2011.

DI reported profits of AED264 million for the Period with total income at AED1.95 billion. Total Assets as on 30 September 2011 amount to AED13.8 billion while Total Liabilities amount to AED4.7 billion. Net Worth of the company stands at AED9.2 billion with a leverage ratio of less than 25%. The annualized return on share capital achieved for the Period is 9.8%.

Khalid Bin Kalban, Managing Director and Chief Executive Officer, Dubai Investments, said: “The year 2011 has been challenging for the Group. The UAE and GCC markets were impacted during the Period due to the effects of political crisis in the MENA region and European debt issues. Also subsidiaries operating in contracting and real estate sectors are impacted due to slow pace of real estate activities in the UAE. However, in light of the recent developments in the region and Europe, we believe that the situation will improve here onwards.”

Kalban added: “The Group has secured the requisite financing of AED700 million for the development of new and refurbishment of existing infrastructure in Dubai Investments Park. Further, financing of AED600 million is being negotiated for the construction of Float Line-2 in Emirates Float Glass LLC. This investment will result in enhancing our revenue and profit base and provide solid foundation for future growth.”