The General Assembly of Dubai Investments Company, listed on the Dubai Financial Market, approved the distribution of interim dividends of 7.5% to shareholders.
According to Al Khaleej newspaper, the step of distributing interim profits comes as a result of the exit process carried out by the group, which resulted in the sale of 50% of the equity in Emicool in April 2022 and achieving gains amounting to nearly one billion dirhams, as profits are included in the quarter 3rd of the year 2022.
The proposal submitted in this regard was approved by the shareholders, during the meeting of the general assembly of the group.
Dubai Investments Company had achieved a strong increase in its net profit during the six-month period ending on June 30, 2022, by 20.5%, to reach 364 million dirhams in the first half, compared to 302 million dirhams during the same period last year.
The profit growth of 62.01 million dirhams during this period was achieved mainly due to the strong and continuous performance of the manufacturing, contracting and services sectors. The group's total assets remained stable at 22 billion dirhams. Total equity also increased to 12.1 billion dirhams, compared to 11.98 billion dirhams during the same period in 2021.
Dubai Investments Company had concluded a 50% exit deal from Emicool with Actis Investment Company, and the value of Emicool was estimated at 3.7 billion dirhams, and the value of the subscription rights was 2.4 billion dirhams.
Vice Chairman and Chief Executive Officer of Dubai Investments, Khalid bin Kalban, said that the company will invest the amount in several ways, including new investments, reducing debt, and paying exceptional profits to the shareholders of Dubai Investment Company.
He added, in an interview with Al Arabiya TV, that this deal gave a lot of positivity to Dubai Investments, as profitability increased by the equivalent of 950 million dirhams, and the company has debts of 1.2 billion dirhams. The company's annual profits.
Bin Kalban pointed out that the company has liquid funds of 3.7 billion dirhams, and part of it will reduce the indebtedness that is not commensurate with other debts, and the rest will be invested in the capital markets.
He pointed out that Dubai Investments' largest investment sector is the real estate sector, which participates with more than 50%, pointing out that the company has a project on Al Marjan Island in Ras Al Khaimah, at a cost of one billion dirhams.
It is noteworthy that Dubai Investments expected the group to achieve a profit as a result of the 50% exit of Emicool with Actis Investment Company, approximately 465 million dirhams from the sale of 50% of the stake and similar gains from the fair valuation of the retained stake.
