Dubai Investments H1 net profit surges 118%

Dubai Investments PJSC (DI on Sunday announced that its net profit for the first six months of 2014 has surged to Dh805 million, an increase of 118 per cent compared to a net profit of Dh370 million for the similar period last year.

Announcing its financial results for the six-month period ended June 30, 2014, DI reported a consolidated total income Dh1.8 billion in the first half of 2014, as against Dh1.3 billion for the comparable period last year. Total assets as on June 30, 2014 stood at Dh13.5 billion, while net worth increased to Dh 9.6 billion.

The annualised return on share capital achieved for the period was also higher at 42.1 per cent, compared to 21.5 per cent for the full year of 2013.

During the period, DI divested 66 per cent equity stake in its wholly-owned pharmaceutical subsidiary Globalpharma Co. LLC (Globalpharma) to an investor group led by Sanofi, a healthcare company. The transaction contributed a profit of Dh472 million to DI, representing realised gain on disposal of controlling interest of Dh296 million and fair value gain on the retained investment of Dh176 million.

Khalid bin Kalban, Managing Director and CEO of Dubai Investments, said: “We are quite pleased with the way 2014 has progressed so far. In Q1 2014, DI concluded a historic $300 million Sukuk issuance and now in Q2 we have concluded a divestment of 66 per cent interest in Globalpharma.”

“Our divestment in Globalpharma was well-timed as we capitalised on the rapid growth in the pharmaceutical sector in the region. With the direction and backing of DI, the management executed a successful strategy and created an opportunity for a lucrative divestment,” Kalban added.


 

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