DIC reports net profit of US$ 95.29 mn for quarter ending September 30, 2017

Posted on 3rd November 2017

DIC reports net profit of US$ 95.29 mn for quarter ending September 30, 2017
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According to *Tradearabia, Dubai Investments (DIC], a leading, diversified investment company listed on the Dubai Financial Market, has reported a net profit of Dh350 million ($95.29 million) for the quarter ending September 30, 2017, an increase of 4.8 per cent over Dh334 million achieved during the same quarter in the last year. 

The company’s net profit for the first nine months of 2017 was Dh830 million, compared to Dh850 million for the same period in 2016. Total income during the period was Dh2.03 billion while total assets reached Dh16.73 billion as of the end of Q3 2017.  
As of September 30, 2017, Dubai Investments generated annualised return on equity of 9.47 per cent. Earnings per share was Dh0.20 for the period.
Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: “Dubai Investments registered strong results for the first nine months of 2017. Excluding the one-off gain from divestments amounting to Dh186 million in 2016, the company’s net profit has in fact grown by Dh166 million. The increase in profit is attributable to increase in rental income by Dh36.8 million and corresponding increase in gain on fair valuation of investment properties by Dh126.6 million.”
He added: “Dubai Investments is on track to achieve its targets and is progressing with its strategy of enhancing its investments in the healthcare and education sectors. At the same time, the company is focused on various real estate development projects which will monetise its land bank and deliver value to its shareholders.”

*News source: http://tradearabia.com/news/CO...

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