Dubai Investment, one of the most prominent diversified investment companies with their counter on the Dubai Financial market, has declared a net profit after tax and with appropriate reference to the shareholders as AED 289. 24 million for the second quarter of the financial year ending on the 30/06/2024. This has risen by a decent proportion as compared to AED 266. 03 million profit in the same region in the same period of the last year.
Annual/ estimated net profit of the Group for the six months to June 30,2024 is AED 409 . 20 million, decreased from AED 580. 48 million during the corresponding period in 2023 The increase from $ 213,016,000 to $ 231,695,000 was due to the effect of foreign exchange translation which reduced the figure for the year ended 31 December 20X2 from $ 213,016,000 to $ 203,700,000. However, adjusting for other specific items such as profit from fair value adjustment of investment properties, the shareholders’ net profit after tax increases by 78% for the quarter as well as 83% for the half-year.
Increased manpower cost, coupled with the rise in the total assets of Dubai Investments to AED 21. Acording to the actualization of the convectional accounting policies AED 82 billion for June 30, 2024 up from AED 21. 44 billion at the end of December 2023 In other words, GDP by December 2023 will be $ 44 billion. At the same time, the equity for the company’s owners is reflected at AED13. 34 billion, which is negligibly less to the AED 13*. Increased from 43. 0 billion at end of the year to 46 billion at the close of the year.
Analyzing the outcomes, Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investment, positively evaluated the organization’s activity. ”We are delighted to share solid financial numbers with scheff outcomes from the effective business activities,” he said adding, The Groups continued success over the quarters can be mainly attributed to the property market and outstanding performance from the investment portfolio This indicates that it operates in tandem with the UAE’s vision for the future economic development of the country and high demand for new offerings.
Kalban also discussed active real estate projects that is part of the Group now; among them there is Danah Bay in Ras Al Khaimah that to should reach certain outcomes by the end of 2024. Also, during Q1 2024, the Group embarked on the Violet Tower residential project in the Jumeirah Village Circle (JVC) and began the off-plan sales of this project.
