Net profit fell compared to the previous year; the firm attributed the drop to adjustments for a one-off gain on denying a share in Emicool.
Solid Performances Drive Profit:
Dubai Investments has reported a net profit of AED 817.02 million ($222.5 million) for the nine-month period ending September 30, buoyed by solid performances in its property and investment portfolio.
Year-on-Year Comparison:
While the net profit has seen a decline from AED 1.49 billion ($410 million) recorded during the same period last year, the company clarified that this decrease is attributed to the adjustment for a one-off gain of AED 980.42 million ($267 million) from the divestment of a 50 percent share in Emicool, which was included in the previous year’s figures.
Diversified Investment Company’s Resilience:
The Dubai Financial Market-listed diversified investment company has showcased resilience in its financial performance, demonstrating the strength of its diverse investment portfolio even in challenging economic conditions.
Property and Investment Portfolio Driving Force:
The positive financial results were primarily propelled by robust performances in Dubai Investments’ property and investment portfolio.
This underscores the strategic management and effectiveness of the company’s investment decisions, contributing to the overall profitability despite external factors.
Acknowledgment of Adjustments:
Dubai Investments acknowledged the impact of adjustments on the year-on-year comparison, emphasizing the transparency in its financial reporting. The company’s ability to generate substantial net profit reaffirms its standing as a key player in Dubai’s dynamic economic landscape.
