Dubai Investments H1 net profit rises 59% to Dhs580m

Imag: Dubai Investments

Dubai Investments has announced a 59 per cent increase in net profit to Dhs580m for the six-month period ended June 30 as compared to Dhs364m during the corresponding period in 2022.

It reported a 65 per cent increase in net profit to Dhs266.03m in Q2 2023 as compared to Dhs161.54m for Q2 2022.

Total income for the group increased by 31 per cent from Dhs1.55bn for H1 was Dhs2.03bn. Total shareholder equity increased to Dhs12.90bn compared to Dhs12.84bn on December 31 2022.

Real estate segment bolster Dubai Investments H1 performance

Khalid Bin Kalban, vice chairman and chief executive officer of Dubai Investments, said, “The increase in net profit is mainly due to the strong performance of the real estate segment underpinned by substantial returns from the investment portfolio. The Danah Bay, Al Marjan Island, Ras Al Khaimah project continues to attract significant interest. Whilst the real estate sector remains one of our key business verticals, we are also focused on deploying capital effectively in other value-accretive opportunities.

“As Dubai Investments progresses into the second half of the year, the group is upbeat on its overall growth and looks forward to leveraging its expertise in expanding its portfolio and maximising returns for investors.”

In other news, earlier this year, Dubai Investments acquired 9 per cent of Monument Bank, a UK-based digital lender.

Monument Bank is focused on the overlooked ‘mass affluent’ segment in the UK, Dubai Investments said in a statement on Thursday. The bank aims to offer core banking and other related services, and optimise time by leveraging digital capabilities to expand globally.