Dubai Investments reports net profit of AED 107 million for first quarter ended 31st March 2012May 13, 2012 - 08:10 -
Dubai, 13 May 2012 (WAM) - Dubai Investments PJSC ("DI"), the largest investment company listed on the Dubai Financial Market, today announced its financial results for the first quarter ended 31st March 2012.
DI reported strong quarterly results with profit of AED 107 million for the Period, which is 6% more than the profit of AED 101 million reported for the comparable period last year. Consolidated total income for the Period was AED 623 million as against AED 643 million for the comparable period last year. Total Assets as at 31st March 2012 stand at AED 13.5 billion, while Net Worth increased to AED 8.5 billion. The annualized return on share capital achieved for the Period is 12%.
Khalid Kalban, Managing Director and Chief Executive Officer, Dubai Investments, said: "DI delivered another quarter of strong performance and financial results. The beginning of 2012 showed various positive developments in the form of settlement of the Euro zone debt crisis, increase in the UAE tourism and hospitality sector and relative improvement in the regional political conditions. These multiple factors contributed to the Group's increased profitability.
"The Group continues to maintain its focus on core businesses and new markets. The Group's diversified business structure is providing necessary flexibility to meet challenges posed by the current economic conditions. The outlook for the remainder of the year appears promising. The management is closely monitoring economic developments and reviewing opportunities for divestment. These divestments are expected to provide significant returns in the near future." WAM/MAB