Dubai Investments PJSC reported a net profit of Dh120 million ($33 million) in the corresponding quarter of this year, compared to Dh314 million ($85.5 million) in the corresponding period last year, a decline of 62 percent.
Profits have increased by about 90 percent since the beginning of this year after excluding non-recurring gains from the fair valuation of investment properties last year, according to the company’s disclosure to the Dubai Financial Market.
This growth was primarily attributed to the strong performance of the real estate sector, which was characterised by significant revenues from property sales, in addition to significant contributions from investment portfolio companies that enhanced revenue flows. Operations across various business sectors also played a significant role in enhancing profitability.
Total revenues for the period amounted to AED 792 million ($216 million), compared to AED 1.01 billion for the same period last year. Total assets also maintained a stable performance at AED 21.46 billion.
Commenting on the results, Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, said: “We are pleased to deliver strong financial results for the first quarter of this year. These results reflect the long-term upward trajectory and growth drivers of the real estate market and the UAE in general, supporting our strategic initiatives that focus on investing in growth opportunities.
He added: Despite some ongoing fluctuations at the regional level, the overall economy has shown remarkable resilience, and we have achieved tangible results from the strong performance of the group and its real estate projects that are still under implementation.
Future prospects
The Group expects the positive momentum to continue throughout 2024, driven by strong growth in the real estate sector. The Group continues its commitment to enhancing the value it provides to shareholders, and its strategic focus on executing the real estate projects it launched in 2023.
The Group is also committed to growing its investment portfolio and strategically expanding its assets, which is reflected in the upcoming launch of Dubai Investments Park in Angola, which aims to develop infrastructure and economic growth in Africa. With strong investor confidence and market support, Dubai Investments looks forward to moving forward in 2024 with full flexibility, and working towards achieving growth.
Sustainable and value-added in key markets, both regionally and internationally.
