Dubai Holding Unit Says 2013 Net Profit Up 178%

Dubai ruler’s flagship company Dubai Holding said on Sunday its unit Dubai Holding Commercial Operations Group (DHCOG) has almost tripled its 2013 net profit to Dhs3.3 billion thanks to a surge in core operational revenues.

DHCOG, which runs four businesses operating in 24 countries, reported a 178 per cent increase in net profit from Dhs1.2 billion from last year, the company said in an emailed statement.

During the year, total revenues rose by 27 per cent to Dhs11.6 billion, while total assets reached Dhs116 billion.

It incorporates hotels group Jumeirah, business park TECOM Investments and Emirates International Telecommunications aside from a real estate division, Dubai Properties Group.