Dubai, UAE – Dubai Investments reported a 55 percent increase in net profit for the first quarter of 2023.
The company’s net profit for the period stood at $85.51 million, up from $55.20 million during the same period last year. The Group’s total income also saw a significant increase of 34 percent, reaching $278.11 million, compared to $204.65 million in Q1 2022.
Dubai Investments’ total shareholder equity rose to $3.58 billion, up from $3.34 billion during the same period in 2022. Total assets for the Group remained stable at $5.70 billion.
Khalid Bin Kalban, the company’s Vice Chairman and CEO, credited the strong results to the Group’s strategic initiatives and ability to capitalize on key opportunities. He also mentioned that the company’s premium beachfront development, Danah Bay, had exceeded all expectations, and they were looking forward to launching the next phase.
Dubai Investments is expanding into other geographies and enhancing internal capabilities while building on existing businesses. With the economy experiencing robust growth and a strong upward trajectory in the real estate sector, the company is strategically positioned to capitalize on these favorable conditions.
“We are also progressing well with our expansion into other geographies and enhancing internal capabilities while building on existing businesses,” Bin Kalban said. “With the economy experiencing robust growth and strong upward trajectory in the real estate sector, Dubai Investments is strategically positioned to capitalize on these favorable conditions.”
