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22 February 2024

Dubai Investments’ Q4 profits hit Dh141 million

By Staff Writer
Dubai Investments reported a fourth-quarter net profit of Dh141 million ($38.39m), versus a loss of Dh87m in 2008, it said yesterday.

Full-year net profit attributable to shareholders declined around 40 per cent to Dh963m against Dh1.58 billion in 2008.

Dubai Investments attributed a decline in revenues to economic slowdown as a result of the financial crisis affecting the real estate sector.

DI reported consolidated total income of Dh3.67bn for the year.

The group’s assets were up by six per cent to Dh15.15 billion in 2009, it said.

It did not give a breakdown of its results.

Chief executive Khalid bin Kalban said on January 13 that the holding firm, made an unaudited Dh1.1bn profit for 2009, but expected to revise that downwards with provisions.

Kalban also said the firm made an unaudited profit of Dh300m in the fourth quarter, but expected adjustments to that figure.

“With the global economy gradually recovering, we expect to post improved results in 2010, and are planning to invest Dh500m over the course of the year, which would include investment in new projects as well as the expansion of existing ventures,” said Kalban.

Dubai Investments, in which the emirate’s sovereign wealth fund Investment Corporation of Dubai has a stake, derives most of its revenues from the UAE and the other Gulf countries.

The company’s shares closed 3.5 per cent higher at Dh0.9 per share yesterday.

The property sector has suffered as a result of the global financial crisis, with companies’ earnings results reflecting the extent of the downturn. (With inputs from Reuters)