Dubai Investments net profit surges to DH265 million in first quarter of 2014

Dubai Investments PJSC (DI), a leading investment company listed on the Dubai Financial Market [DFM], yesterday announced a jump in its net profits by 26% to Dh265 million for the first quarter of 2014, compared to DH211 million in the same period last year. DI reported a consolidated total income of DH738 million, as against DH649 million in the same period last year, while the total assets amounted to DH13.2 billion, compared to DH 12.5 billion as on March 31, 2013. DI's net worth increased to DH9.3 billion, compared to Dh8.7 billion at the end of Q1 2013. DI's annualised return on equity achieved for the period was 11.4%, as against 9.7% in the comparable period last year. Khalid bin Kalban, Managing Director and Chief Executive Officer, Dubai Investments PJSC, in a press release, said, "We are delighted with the results in the first quarter of 2014. While all our businesses have contributed, we have seen significant growth trends in our real estate and manufacturing portfolio. This comes amidst surging investor confidence across the UAE and region, and encouraging trends for our diversified businesses." "Subsequent to the highly successful issue of USD 300 million Sukuk by Dubai Investments Park Development Company, a subsidiary of the Group and increase in cash generated from Group's operations, the liquidity position has improved significantly and the Group is having available cash balances of more than Dh 1 billion. This enhanced liquidity will enable DI to take advantage of market opportunities and several projects are under consideration. We have a strong thrust in developing our real estate business, riding on the crest of the wave of the current upswing in the sector. Incorporated in 1995, Dubai Investments PJSC is a leading investment company listed on Dubai Financial Market with over 19,894 shareholders, and paid-up capital of Dh3.5 billion. The company works in manufacturing, financial investments, real estate development and mergers and acquisitions. The portfolio comprises of six large investment units - Glass LLC, Dubai Investments Industries [DII], Masharie Company LLC, Dubai Investment Park [DIP], DI Real Estate Company [DIRC] and Al Taif Investment. – Emirates News Agency, WAM