Dubai Investments reports AED314.45 million in quarterly net profit

 

Dubai Investments, a company listed on the Dubai Financial Market (DFM), has announced a significant increase in its net profit for Q1 2023. According to the company's recent financial statement, its net profit rose by 55% to AED314.45 million compared to AED202.55 million during the same period in 2022.


The total income for the Group also increased by 34% to AED1.02 billion, up from AED761.04 million during the first quarter of 2022. Meanwhile, the total shareholder equity of Dubai Investments increased to AED13.16 billion, up from AED12.28 billion during the corresponding period in 2022. Total Assets for the Group remained stable at AED 20.96 billion.


Dubai Investments is one of the leading investment companies in the UAE, with a diversified portfolio of investments across a range of sectors, including real estate, manufacturing, and financial services. The company's success is attributed to its strategic initiatives and ability to capitalize on key opportunities, according to Khalid Bin Kalban, Vice Chairman and Chief Executive Officer of Dubai Investments.



Bin Kalban stated that the company's premium beachfront development, Danah Bay, located in the emirate of Ras Al Khaimah, has exceeded all expectations, and the company is looking forward to launching the next phase. In addition, Dubai Investments is making progress with its expansion into other geographies and enhancing internal capabilities while building on existing businesses. Bin Kalban also noted that Dubai Investments is strategically positioned to capitalize on the robust growth and strong upward trajectory of the real estate sector in the UAE.


Dubai Investments' strong performance in the first quarter of 2023 is a positive sign for investors, indicating the company's ability to deliver sustainable growth and generate strong returns. The company's diverse portfolio and strategic initiatives are likely to continue driving its success in the future, positioning it as one of the key players in the UAE's investment landscape.

Comments

Post a Comment

Popular posts from this blog

UAE sends 14 tonnes of relief aid to Ukraine

Image
  In a show of continued commitment to humanitarian assistance, the United Arab Emirates (UAE) has sent 14 tonnes of relief aid to Ukraine. The aid was transported by an aircraft and included supplies such as blankets, personal care items, and LED bulbs to help the people manage the harsh winter conditions. This delivery of relief aid is just one part of the UAE's ongoing efforts to assist the Ukrainian people during the crisis. The country has established an air bridge that has sent 11 aircraft carrying approximately 550 tonnes of relief supplies to Ukraine. The supplies have included items such as medical equipment, food, and water. The UAE's commitment to helping those in need is not new. The country has a long history of providing humanitarian assistance to countries around the world. In fact, the UAE is one of the largest donors of humanitarian aid in the world, providing aid to countries affected by conflicts, natural disasters, and other crises. The UAE's efforts to ...
Read more

UAE Shares Digital Innovations in Payments and Remittances at G20 GPFI Meeting

Image
  The United Arab Emirates (UAE) has been an active participant in the Global Partnership for Financial Inclusion (GPFI) under the Finance Track of the G20 for 2023. Recently, the UAE participated in the second GPFI meeting, held on 6th-7th March in Hyderabad, India, under India's G20 Presidency. The meeting aimed to review the progress made on the GPFI workplan and the priority areas outlined for the group in 2023, including the development of the Financial Inclusion Action Plan 2023. The UAE delegation consisted of two members, Mariam Al Hajri, Deputy Director of the General Budget Department at the Ministry of Finance, and Faiza Al Awadi, Head of Financial Consumer Protection at the Consumer Protection Department at the Central Bank of the UAE. The delegation participated alongside other G20 members, invited countries, GPFI country members, and international organisations such as the World Bank and the International Monetary Fund (IMF). On the first day of the meeting, the UAE d...
Read more

ADNOC Gas Launches $2.5bn IPO on Abu Dhabi Stock Market

Image
  The Abu Dhabi National Oil Company (ADNOC) has recently announced the launch of its gas unit on the Abu Dhabi stock market. The newly formed gas unit, ADNOC Gas, is expected to raise $2.5 billion through an initial public offering (IPO), which aims to tap into the high demand for fuel in the region. ADNOC is one of the world's leading energy producers, operating across the entire hydrocarbon value chain. The company has a significant presence in the United Arab Emirates (UAE) and is a major contributor to the country's economy. The IPO of its gas unit is a significant development for the company and the region. ADNOC Gas only became operational at the beginning of this year, but the company has already generated a great deal of interest from investors. The offering was heavily oversubscribed, even after the company expanded the offering from 4.0 to 5.0 percent of its issued share capital in response to strong demand. The final price for the shares was set at 2.37 dirhams ($0....
Read more