Dubai Investments net profit rises 56%

Dubai Investments, which owns stakes in more than 40 companies has maintained its earnings growth with net profit for the first nine months surging to record levels. Net profit for the year to September increased Dh1.67 billion from Dh1.07bn for the same period last year, an increase of 56 per cent. Total income for the period increased to Dh4.10bn from Dh2.59bn for the same period last year, an increase of 58 per cent. The net profit for the third quarter of 2008 increased to Dh635m from Dh268m for the third quarter of 2007, an increase of 137 per cent. The total income for the quarter increased to Dh1.44bn from Dh812m, an increase of 77 per cent. Total shareholders’ equity at September 30 was Dh7.38bn, representing a growth of 66 per cent over equity of Dh4.44m at September 30, 2007. This was achieved due to significant growth in net profit and increase in share capital on rights issue. The return on average equity achieved for the period was 27 per cent. « Our exceptional performance even during these difficult times of financial uncertainty reflects our ability to deliver results exceeding expectations on a sustainable basis, » said Khalid bin Kalban, Managing Director and CEO of Dubai Investments. Staff Writer business24-7.ae