Menu Close

Dubai Investments net profit up 64% at Dh202.5 million in Q1 2022

view original post
Total assets remained stable at Dh22 billion, while total equity marginally went up to Dh12.5 billion compared to Dh12.2 billion during the year-ago period. Image Credit: Ahmed Ramzan/Gulf News

Dubai: Dubai Investments posted a 64 per cent increase in net profit at Dh202.5 million in Q1 2022, it announced on Thursday, up from Dh123.8 million in the year-ago period.

Total income increased to Dh761 million compared to Dh637.6 million in Q1 2021, up 19 per cent.

Total assets remained stable at Dh22 billion, while total equity marginally went up to Dh12.5 billion compared to Dh12.2 billion during the year-ago period.

“We have entered into a sale and purchase agreement in April 2022 to divest 50 per cent equity interest in Emirates District Cooling (Emicool) LLC. We expect the transaction to complete in the next few weeks following which the resultant profit would be recognised in our financial statements,” said Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments.

“The group is well poised to benefit from upcoming opportunities given the ongoing recovery of the economy and accelerated growth of the real estate sector. The group’s strategic positions within the Investments segment and the enhanced performance of the manufacturing sector have contributed substantially to overall growth and the impetus is expected to continue through the year.”