Dubai Investments PJSC building in Dubai, UAE. (Supplied)

Manufacturing, investment boost Dubai Investments profits in H1 by 47 pct

Dubai

N.P. Krishna Kumar, Al Arabiya English

Published: 06 August ,2021: 02:24 PM GST Updated: 06 August ,2021: 02:52 PM GST

2 min read

Dubai Investments PJSC, the leading diversified investment company listed on the Dubai Financial Market (DFM), has on Thursday reported a 47 percent surge in net profits to AED 302 million for the six-month period ended 30 June 30, 2021, as compared to AED 205 million for the same period last year.

Dubai Investments attributed the increase in net profit for the period is mainly due to enhanced performance of the manufacturing, contracting, and investment segments.

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Dubai Investments, according to its top official, has been diversifying into healthcare and education, as well as focusing on real estate.

Total income for the period also increased by 51% to AED 1.72 billion as compared to AED 1.14 billion for the previous period as the Group ramped up sales in its property segment.

The Group acquired additional 21.53 percent interest in National General Insurance PJSC (NGI) during the current reporting period. Subsequently, the Group has further acquired 15.19 percent interest in NGI, taking its total stake to 45.18 percent

Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments said, “We’re pleased to see that our activities in the first half of the year have led to all-round growth that is quite promising. As we move forward with our plans for the latter half of 2021, we expect to continue building on the momentum and successes achieved so far.”

Kalban pointed out the key to Dubai Investments’ performance “is our commitment to diversifying into healthcare and education, as well as focus on real estate, including the ongoing development of mixed-use communities in Mirdif Hills and Fujairah.

“We also continue to explore opportunities for sustainable growth across the sectors that we operate in and look forward to sharing updates on these in due course,” he said.