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Dubai Investments profit declines in Q2

Dubai Investments said yesterday its second-quarter net profit dropped 12.6 percent owing to one-off gains from divestments amounting to Dh186 million in the first half of last year. Net profit attributable to equity owners reached in the three months to the end of June reached Dh190.9m compared with Dh218.3m a year earlier. Revenue dipped 10.8 percent to Dh586.2m from Dh656.9m. “Excluding the one-off gain from divestments amounting to Dh186m in the first half of 2016, the company’s net profit has, in fact, has grown by Dh150m, an increase of 45 percent, in the first half this year,” said Khalid bin Kalban, the chief executive of Dubai Investments. “The positive results are driven by growth in rental income, which has contributed to increases in underlying cash flows.”

Source: The National.

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