Dubai Investments profit surges 55% in Q1
- 12 May 2023
Dubai Investments, the leading, diversified investment company listed on the Dubai Financial Market (DFM), has announced a 55 per cent increase in the first quarter of 2023 (Q1, 2023) net profit to Dhs314.45 million, compared to Dhs202.55 million during the corresponding period of 2022.
The total income for the Group increased to Dhs1.02 billion compared to Dhs761.04 million during the first quarter of 2022, an increase of 34 per cent.
Total shareholder equity also increased to Dhs13.16 billion, compared to Dhs12.28 billion during the same period in 2022. Total Assets for the Group remained stable at Dhs20.96 billion.
Khalid Bin Kalban, Vice Chairman and Chief Executive Officer of Dubai Investments, said, “Dubai Investments continues to deliver strong and sustainable results fuelled by the Group’s strategic initiatives and ability to capitalise on key opportunities.”
Khalid Bin Kalban added, “The response to Danah Bay, our premium beachfront development in the emirate of Ras Al Khaimah, has exceeded all expectations and we are looking forward to launching the next phase.”
He also said, “We are also progressing well with our expansion into other geographies and enhancing internal capabilities while building on existing businesses.” “With the economy experiencing robust growth and strong upward trajectory in the real estate sector, Dubai Investments is strategically positioned to capitalise on these favourable conditions.”
WAM