Dubai Investments Reports AED 650.51M Net Profit for 9 Months
This represents a significant increase from the previous year, highlighting the company's strong financial performance and continued growth.
Dubai Investments PJSC, a diversified investment leader listed on the Dubai Financial Market (DFM), has reported a net profit after tax attributable to shareholders of AED 241.31 million for Q3 2024. This marks an increase from AED 236.54 million during the same quarter last year, showcasing the company’s continued growth.
Impressive Nine-Month Profits
For the nine-month period ending on September 30, 2024, Dubai Investments posted a net profit of AED 650.51 million, a substantial year-on-year improvement. Adjusted for a one-off gain from fair value revaluation of investment properties, the profit attributable to shareholders shows an impressive rise of 80% for the nine-month period and 78% for the quarter, underscoring strong core earnings.
Asset Growth and Shareholder Equity Expansion
The Group’s total assets reached AED 21.81 billion as of September 30, 2024, up from AED 21.44 billion at the end of 2023. Equity attributable to shareholders also grew slightly to AED 13.58 billion, compared to AED 13.46 billion in December 2023, reflecting a steady increase in shareholder value.
Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, commented: “Dubai Investments’ financial performance for the nine-month period ended September 30, 2024, reflects the Group’s strategic commitment to sustainable growth and thoughtful portfolio diversification. This achievement showcases the enduring strength and resilience of the Group’s core business operations. The Group is encouraged by the dynamic momentum in the real estate sector, complemented by the improved performance of its investment portfolio. Dubai Investments will continue to monetize its real estate assets as part of the Group’s strategic objectives. By strategically capitalizing on emerging opportunities and implementing forward-looking investment strategies, the Group remains well-positioned to drive long-term value for the shareholders.”
Progress in Real Estate Projects
Dubai Investments’ real estate ventures are progressing well, particularly the off-plan sales for the Violet Tower at Jumeirah Village Circle, which is set for completion by Q4 2026. The Danah Bay project is also advancing, with villa construction scheduled for completion in Q1 2025, Beachfront Villas by Q3 2025, and the Danah Bay Residential Tower by Q4 2026. The Group’s investment arm, Al Mal Capital REIT, now holds five income-generating assets, contributing significantly to the Group’s sustainable income streams.
Expanding Footprint in Africa
The Group’s commitment to geographical diversification is evident through the development of DIP Angola, a large-scale, mixed-use economic zone in Africa. This ambitious project aligns with Dubai Investments' strategy to create integrated hubs that drive both economic and social progress in new markets.
Commitment to Long-Term Shareholder Value
Dubai Investments remains dedicated to generating long-term value for shareholders. Its diversified investment strategy across different emirates and market segments underlines a commitment to risk management and portfolio resilience, positioning the Group for sustainable growth and stability.
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