DUBAI, UAE – Dubai Investments has announced a 59 percent increase in net profit to US$157 million (AED 580 million) for the six-month period H1 ended June 30 2023, as compared to US$99 million (AED 364 million) during the corresponding period in 2022.
The Group also reported a 65 percent increase in net profit to US$72 million (AED 266.03 million) for the first quarter (Q1) of 2023, as compared to US$43.9 million (AED 161.54 million) for the same period in 2022.
Total income for the Group increased by 31 percent from US$422 million (AED 1.55 billion) in H1 2022 to US$552 million (AED 2.03 billion) during H1 2023.
Total shareholder equity increased to US$3.5 billon (AED 12.90 billion as of June 30 2023, compared to US$3.5 billion (AED12.84 billion) as of year ended December 31 2022.
Khalid bin Kalban, Vice Chairman and Chief Executive officer of Dubai Investments, said, “The increase in net profit is mainly due to the strong performance of the real estate segment underpinned by substantial returns from the investment portfolio.”
He said, “The Danah Bay, Al Marjan Island, Ras Al Khaimah project continues to attract significant interest. Whilst the real estate sector remains one of our key business verticals, we are also focused on deploying capital effectively in other value-accretive opportunities.”
He added, “ As Dubai Investments progresses into the second half of the year, the Group is upbeat on its overall growth and looks forward to leveraging its expertise in expanding its portfolio and maximising returns for investors.”