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Dubai Investments reports net profit of AED 1.035 billion for half year ended 30 June 2008.

Summary: Dubai Investments PJSC (C[pounds sterling]DIC[yen]) reported exceptional results for the half year ended 30 June 2008 (Cythe PeriodC[yen]), with consolidated total income of AED 2,662 million, which is 50 per cent more than the total income of AED 1,774 million for the half year ended 30 June 2007 (C[pounds sterling]same period last yearC[yen]). The net profit for the period was AED 1.035 billion, which is 29 per cent more than the net profit of AED 803 million for the same period last year. These outstanding results were the product of excellent performances by group entities.

Dubai Investments reports net profit of AED 1.035 billion for half year ended 30 June 2008

Achieves growth of 29% over the net profit for the same period last yearDubai Investments PJSC (C[pounds sterling]DIC[yen]) reported exceptional results for the half year ended 30 June 2008 (Cythe PeriodC[yen]), with consolidated total income of AED 2,662 million, which is 50 per cent more than the total income of AED 1,774 million for the half year ended 30 June 2007 (C[pounds sterling]same period last yearC[yen]). The net profit for the period was AED 1.035 billion, which is 29 per cent more than the net profit of AED 803 million for the same period last year. These outstanding results were the product of excellent performances by group entities.

The total income for the second quarter of 2008 (2Q08) is AED 1.5 billion which is 47% more than the total income of AED 1.02 billion for the second quarter of 2007 (2Q07). The net profit for 2Q08 is AED 547 million which is 50% more than the net profit of AED 364 million for 2Q07.

Total assets have increased to AED 12.8 billion, a growth of 71 per cent over the total assets of AED 7.5 billion for the same period last year.

Total ShareholdersCO Equity has increased to AED 6.8 billion, a growth of 62 per cent over the Total ShareholdersCO Equity of AED 4.2 billion 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%. The earnings per share (EPS) for the period is AED 0.32, 19% higher than the EPS of AED 0.27 for the previous period. This substantial increase in EPS is achieved after increase in share capital from rights and bonus issue. The return on average total assets achieved for the period is 9%.

C[pounds sterling]Our exceptional half-yearly performance reflects our continued ability to cater to customers across the full spectrum of our operations,C[yen] said Khalid Bin Kalban, Managing Director and CEO of Dubai Investments. C[pounds sterling]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.C[yen]

C[pounds sterling]DI expects to maintain the growth momentum in the future. DI is currently finalizing divestment of 40% of MCOSharie and completion is expected shortly with significant gain that will be reflected in the results of Q3.C[yen] concluded Kalban. A[umlaut] 2008 Al Bawaba (www.albawaba.com)

A[umlaut] 2008 Al Bawaba (Albawaba.com)

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Publication:Albawaba.com
Article Type:Financial report
Date:Jul 30, 2008
Words:594
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