Dubai Investments profit soars

Conglomerate Dubai Investments, which has been eyeing opportunities to divest some of its businesses, said its third-quarter net profit more than doubled as it booked gains in the value of its investment properties.

The company, in which sovereign fund Investment Corp of Dubai (ICD) owns 11.5 per cent stake, posted third-quarter net profit of Dh81.4 million ($22.16 million), compared with a profit of Dh24.9 million for the year-ago period, it said in a bourse statement on Monday.

Quarterly profit was mainly boosted by a Dh60 million gain on fair value of investment properties. It had booked a fair value gain of Dh8 million for the same period last year.

Revenue for the quarter rose to Dh669.1 million from Dh580.7 million a year-ago, the company said.

Dubai Investments said earlier this year that it was eyeing an exit from some of its businesses and was reviewing such opportunities.

The company, which has interests in several sectors including property and manufacturing, had total assets worth Dh13.7 billion at the end of the third quarter, Monday's statement showed.

The conglomerate has said it wants to raise up to Dh1 billion this year through the issue of sukuk, or Islamic bonds, to finance expansion of some manufacturing units and repay debt.

Dubai Investments shares have risen 45.6 per cent year-to-date. They were yet to trade on the Dubai bourse Monday.

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