Dubai Investments Q2 Profits Surge to AED 289.24 Million

Dubai Investments, a leading diversified investment company listed on the Dubai Financial Market (DFM), has reported a net profit after tax attributable to shareholders of AED 289.24 million for the three months ending 30 June 2024. This marks an increase from AED 266.03 million during the same period last year.

For the six months ending 30 June 2024, the Group reported a net profit after tax attributable to shareholders of AED 409.20 million. This figure represents a decrease from AED 580.48 million during the corresponding period in the previous year.

Adjusted Net Profit Demonstrates Significant Growth

When adjusted for a one-off gain on the fair valuation of investment properties, the net profit attributable to shareholders after tax shows a substantial increase. The adjusted profit for the quarter and half-year ending 30 June 2024 is higher by 78% and 83%, respectively.

Asset Growth Reflects Financial Stability

Dubai Investments reported a growth in total assets, which reached AED 21.82 billion as of 30 June 2024, compared to AED 21.44 billion at the end of 2023. This growth highlights the Group’s stable financial position. The equity attributable to the owners of the company was recorded at AED 13.34 billion as of 30 June 2024, showing a slight decrease from AED 13.46 billion at the end of 2023.

Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, said: "We are pleased to report robust financial results driven by outcomes from impactful business strategies. The Group’s success across the quarters is attributed to the buoyant property sector and complemented by the excellent performance of investment portfolio. This achievement reflects our alignment with the UAE’s forward-looking economic goals and the strong demand for new offerings."

“We expect significant progress on construction of Phase 1 of Danah Bay project in Ras Al Khaimah by Year end 2024. The Group had launched Violet Tower in Q1 2024, a new residential project in Jumeirah Village Circle (JVC), and commenced off-plan sales for this. During the three months ended 30 June 2024, Al Mal Capital REIT acquired 100% equity interest in Carnation Education LLC which holds the properties of Kent College in Dubai. This acquisition marks a crucial development and broadening the REIT’s investment horizon. The advancement of Dubai Investments' real estate ventures, including the Danah Bay and the Violet Tower, alongside the development of the Group’s project in Angola and the strategic expansion of the REIT, underscores the Group’s dynamic approach and reflects the commitment to excellence while forging paths that lead to exceptional value creation for the shareholders."

Optimistic Outlook for 2024

Looking ahead, Dubai Investments remains optimistic about maintaining its strong performance for the remainder of 2024. The Group plans to strengthen its market leadership by focusing on key real estate projects and expanding its investment footprint both regionally and internationally.

Strategic Focus on Enhancing Shareholder Value

The Group’s results reflect its strategic focus on key business verticals, aligning with its commitment to enhancing shareholder value. Dubai Investments aims to solidify its role as a significant player in driving economic growth.