Dubai Investments net up 29%

Diversified conglomerate Dubai Investments has reported 29 per cent increase in net profit at Dh1.035 billion for the first half of 2008 against Dh803m for the corresponding period last year.

For the second quarter of 2008, the group has recorded a net profit of Dh547 million against Dh364 million for the comparable period in 2007, registering an increase of 50 per cent.

The consolidated total income stood at Dh 2.662bn, which is 50 per cent more than the total income of Dh1.774bn for the half year ended June 30, 2007 . The total income for the second quarter of 2008 was Dh1.5billion which is 47 per cent more than the total income of Dh1.02 billion for the second quarter of 2007.

"These outstanding results were the product of excellent performances by group entities," said a press statement. Total assets have increased to Dh12.8bn, a growth of 71 per cent over the total assets of Dh7.5bn for the same period last year.

"Our exceptional half-yearly performance reflects our continued ability to cater to customers across the full spectrum of our operations," said Khalid Bin Kalban, Managing Director and CEO of Dubai Investments. "This growth has been achieved mainly through the outstanding performance of the group companies and through the significant gains from our real estate ventures. We expect to sustain this growth momentum into the future and further drive up the profits in the second half of 2008."

Total shareholders' equity has increased to Dh6.8bn, a growth of 62 per cent over the total shareholders' equity of Dh4.2bn for the same period last year mainly on account of substantial net profit achieved and increase in share capital on rights issue. The return on average equity achieved for the period is 18 per cent. The earnings per share (EPS) for the period is Dh0.32, 19 per cent higher than the EPS of Dh0.27 for the previous period.