Dubai Investments PJSC [DFM: DIC], the leading, diversified investment company listed on the Dubai Financial Market, has published its financial results for the period ended 30 June 2016.
Dubai Investments reported a strong first half of 2016 with net profit attributable to shareholders of AED 516 million, which is 2% higher than the AED 506 million generated in the prior-year period. Total income was AED 1.37 billion, which represents an 18% increase compared to the AED 1.16 billion total income generated in the first half of 2015.
The positive result includes 20% growth in rental income to AED 424 million, an 8% increase in contract revenues to AED 236 million, a AED 186 million gain related to disposal of subsidiaries and valuation gains of AED 86 million on investment properties, whilst sale of goods declined marginally to AED 450 million. Mark-to-market investments offset the result by AED 27 million. In the first six months of 2016, earnings per share increased to AED 0.13 from AED 0.12 last year.
Total assets were AED 15.7 billion at 30 June 2016, up AED 446 million since the beginning of the year. This includes a healthy cash balance of AED 1.1 billion, after the dividend pay-out of AED 486 million in May 2016. Total liabilities increased by AED 346 million since the beginning of the year to AED 4.4 billion as at 30 June 2016 mainly due to increase in stake of Properties Investments. Dubai Investments maintained a low debt to equity ratio of 25.9%. The book value per share increased by 5.4% to AED 2.64 as at 30 June 2016, compared to AED 2.50 at 30 June 2015.
In his comments, Khalid Bin Kalban, Managing Director and CEO of Dubai Investments PJSC, said: “Dubai Investments delivered a solid set of financial results, completed a number of important transactions and is in a strong position to deploy capital into attractive investment opportunities to drive future growth.”
Kalban added: “Building on the positive momentum generated in the first half of 2016 against the backdrop of a challenging market environment, the Company plans to continue its diversification strategy, aimed at broadening its geographical footprint, growing its asset base to increase earnings and creating value for the shareholders.”
Dubai Investments currently owns over 40 subsidiaries and joint ventures across a broad range of sectors and continues to monitor opportunities, both locally and internationally, as part of its strategic, financial and operational roadmap.
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Dubai Investments – key highlights in first half of 2016
Dubai Investments continued to build on its leadership with strategic investments across its portfolio in the first six months of 2016. During the period, the Company prioritized its businesses in specific growth sectors to drive profitable growth. Dubai Investments targeted new opportunities, with a strong focus on increasing its asset base, strengthening bottom line and improving operational efficiency. Some of the highlights include:
Real Estate and Property Management
Manufacturing:
Financial Investments:
Diversification
Awards