Dubai Investments reports surge in net profit to $33.7mn in in Q1 2021 – MEP MiddleEast

Dubai Investments reports surge in net profit to $33.7mn in in Q1 2021 – MEP MiddleEast

Dubai Financial Market-listed Dubai Investments reported a surge in Q1 2021 net profit to $33.7mn (AED123.8mn) compared to a loss of $1.85mn (AED 6.8mn) in the same period last year.

The firm’s total income increased to $173.58mn (AED637.6mn) compared to $126.5mn (AED464.8mn) in Q1 2020, on the back of strong performances led by the manufacturing, services, and investments segments, while the real estate segment has remained resilient.

The company’s total assets remained stable, increasing to approximately $5.98bn (AED22bn) from $5.93bn (AED21.8bn) as 31 December 2020.

Total equity also increased to around $3.32bn (AED12.2bn), compared to $3.26bn (AED12bn) as on 31 December 2020.

Commenting on the results, Dubai Investments��� vice chairman and chief executive officer, Khalid Bin Kalban, said: “The results in the first quarter of 2021 highlight the strong performance and resilience of our business model during what continues to be a challenging time for our region and the world. Our performance this quarter reflects the impact of our sustainable growth strategy, with a focus on diversification. We expect the momentum to continue through the year which will aid us in achieving our targets and delivering on various projects.”

He added: “The recent acquisition of further interest in National General Insurance Co. PJSC