Dubai Investments turns profitable in Q1-21

SourceMubasher
SectorEconomy
CountryUAE

Dubai – Mubasher: Dubai Investments logged AED 123.8 million in net profits attributable to the company’s owners in the first quarter (Q1) of 2021, versus net losses of AED 6.8 million in the year-ago period.

The company’s revenues grew to AED 637.6 million in the January-March period, compared to AED 464.8 million in the corresponding period in 2020, encouraged by strong performance led by the manufacturing, services, and investments sectors, while the real estate sector remained resilient, according to a statement on Sunday.

Total assets rose to AED 22.0 billion in Q1-21 from AED 21.8 billion in Q4-20, while total equity increased to AED 12.2 billion, compared to AED 12 billion at the end of December 2020.

Commenting on the company’s performance, the Vice Chairman and CEO of Dubai Investments, Khalid Bin Kalban, said: “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...read more...