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Dubai Investments profit surges 63 per cent to AED 1.34 billion

Post Time:Feb 03,2015Classify:Industry NewsView:305

Board of Directors recommended 12% cash dividend and 6% bonus shares; Total assets during the year grows to AED 14.43 billion; Sustained growth momentum to continue: Kalban   

 

Dubai Investments PJSC [DI], the leading investment company listed on the Dubai Financial Market, today announced unaudited, preliminary net profit of AED 1.341 billion for 2014, a 63 per cent increase compared to AED 822.32 million net profit achieved in 2013.

 

The DI Board of Directors has recommended 12 per cent cash dividend and 6 per cent in bonus shares to the shareholders.

 

The Net Operating Profit for 2014 was AED 1.81 billion, an increase of 42% compared to AED 1.27 billion achieved in the previous year. Total assets as on December 31, 2014 surged to AED 14.43 billion as against AED 12.62 billion in 2013.

Total revenue for the year was AED 3.19 billion, as against AED 2.84 billion in 2013. The Earning Per Share [EPS] also surged to AED 0.35, compared to AED 0.22 in 2013. The net profit in the fourth quarter of 2014 was AED 346.79 million, an increase of 18.8 per cent compared to AED 291.74 million in the fourth quarter of 2013.

 

Khalid Bin Kalban, Managing Director and CEO of Dubai Investments, said: “2014 was a year of sustained growth at Dubai Investments. During the year, we successfully issued a 5-year Sukuk of US$ 300 million, divested controlling interest in Globalpharma LLC, and divested Phase 8 of the Dubai Investment Park Development Company’s warehouse project. These activities have resulted in significant improvement in Group’s liquidity position. We are currently evaluating various investment proposals and are in advanced stages of negotiations for couple of investments, which are likely to be finalized in Q1 2015. Our sustained focus on delivering value, coupled with upbeat sentiment across various sectors of the UAE economy, has helped us move aggressively forward. We expect this growth momentum to continue in 2015.”

 

DI also announced the launch of various key projects such as Mirdif Hills, Fujairah Business Centre, and Green Community Phase III during the year.

 

Mr Kalban added: “As a Group, we have a strong focus on real estate sector and strategically promising businesses across sectors in the existing and new geographical locations across the region. We are also eyeing the acquisition of a financial entity to strengthen our asset mix.”

 

DI owns nearly 37 subsidiaries and joint ventures across a diverse range of sectors including manufacturing of construction-related materials, fast moving consumer goods, industrial and commercial properties, real estate management and property development, information technology solutions, driver education, district cooling and financial investments.

Source: www.dubaiinvestments.com Author: shangyi

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