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Dubai Holding, an investment holding company, on Sunday announced the financial results for its business group, Dubai Holding Commercial Operations Group (DHCOG), for the year ended December 31, 2014. (Supplied)
Dubai Holding, an investment holding company, on Sunday announced the financial results for its business group, Dubai Holding Commercial Operations Group (DHCOG), for the year ended December 31, 2014.
DHCOG reported total revenue up 14 per cent to Dh13.2 billion (2013: Dh11.6 billion) with recurring revenues up 8 per cent to Dh7.6 billion (2013: Dh6.9 billion).
Normalised EBITDA grew by 25 per cent to Dh 6.9 billion (2013: Dh5.5 billion) and net profit rose 42 per cent to Dh 4.7 billion (2013: Dh3.3 billion).
Abdulla Al Gergawi, Chairman of Dubai Holding, said: “2014 marks 10th year of Dubai Holding’s operation and was another strong financial year. DHCOG is delivering consistently growing recurring revenue streams, which enables us to take advantage of emerging opportunities in further support of Dubai’s diversification strategy.”
Al Gergawi said: “Central to Dubai’s diversification is the plan to turn it into a global powerhouse for innovation and the Group is investing heavily in support of this aim. We have a number of programmes already running and our Dh 4.5 billion bundle of initiatives will help drive forward Dubai’s agenda to become the innovation capital for more than two billion people who live in the region around us. We are fully committed to Dubai’s long-term economic growth.”
Ahmad bin Byat, Chief Executive Officer of Dubai Holding, said; “DHCOG’s business units continue to outperform our expectations and we have robust growth strategies to keep this momentum going. In addition to our focus on innovation, we continue to drive the development of the Islamic economy, with a special focus on the development of the Halal food sector, the growth of the SME sector and the long-term success of the tourism industry. Overall we continue to be well positioned for the year ahead and are pleased to report an encouraging start to the 2015 year.”
At the end of 2014, DHCOG’s debt-to-equity ratio stood at 0.52 (2013: 0.61).
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