The profits of Dubai Investment Company decreased by 42% to reach 205 million dirhams in the first half of this year, compared to 353 million dirhams in the same period last year.
According to Arabia Net, the company stated in a statement that the decrease in net profit is mainly due to the one-time gains from an acquisition in the previous period, along with Corona pandemic effect.
The company's total income for the past six months was 1.37 billion dirhams, while its total assets reached 21.46 billion dirhams at the end of the second quarter 2020.
Khalid bin Kalban, Vice Chairman and Chief Executive Officer of Dubai Investments, said: The results for the first half of the year indicate that Dubai Investments has a sufficient degree of flexibility during this Unprecedented and difficult times. The company's strategic investments across different sectors, and its strong business model, have been key factors in facing the repercussions of the Corona pandemic. We are reviewing the company's cost structure and aspiring to further improvement, while continuing our efforts to ensure continued long-term growth. The company also focuses on adaptation and flexibility in the current business environment in order to take advantage of upcoming opportunities.
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