Profit for the nine-month period was Dh752 million compared to Dh995 million for the same period last year.
Dubai Investments said on Wednesday its third quarter (to September) net profits jumped 30 per cent to Dh246 million, compared to Dh189 million for the same period in last year.
Profit for the nine-month period was Dh752 million, as compared to Dh995 million for the same period last year. Total income for the period was Dh1.86 billion, as against Dh2.38 billion for the comparable period last year.
“The consistently strong results achieved by Dubai Investments reflects our strength across a diversified investment base. The profits for the corresponding period last year included a one-off gain of Dh472 million arising from the Globalpharma divestment,” Khalid Bin Kalban, managing director and CEO of Dubai Investments, said in a statement.
“Several new investment proposals are currently under evaluation, with some of them in advanced stages of negotiations and the outlook for the rest of 2015 is very positive,” he added.
Earlier this year, Dubai Investments completed acquisition of 59.66 per cent stake in Al Mal Capital PSC and increased its shareholding in the company to 60.86 per cent. Dubai Investments also divested its interest in International Rubber Company and Techno Rubber Company this year.
“Dubai Investments has built strong credentials, underpinned by proven partnerships, smart acquisitions, profitable exits and a robust commitment to value creation. Dubai Investments is not only looking at building on its existing operations but also exploring opportunities in strategically-promising businesses across sectors in existing and new markets,” Kalban stated.
The company, which currently has over 40 subsidiaries & joint ventures under its portfolio, is eyeing new investment opportunities in education, health care and energy sectors as also expanding its geographical footprint, besides reinforcing its leadership and innovation in real estate, financial investments and manufacturing domains.
In the last 20 years, Dubai Investments has invested in and created over 70 companies and subsidiaries, including exits over the years, engaged 25,000-plus shareholders, built total assets to over Dh14.82 billion and net worth has surged to over Dh10.19 billion.
Reference to Gulf News Published on: 19:49 October 28, 2015