Dubai Investments logs AED 120m profits to owners in Q1-24

Dubai Investments logs AED 120m profits to owners in Q1-24

Dubai – Mubasher: The net profits attributable to the shareholders of Dubai Investments shrank to AED 119.96 million in the first quarter (Q1) of 2024 from AED 314.44 million a year earlier.

Total income amounted to AED 791.88 million in Q1-24, an annual drop from AED 1.01 billion, according to the consolidated financial results.

Basic and diluted earnings per share (EPS) fell to AED 0.02 in the first three months (3M) of 2024 from AED 0.07 a year earlier.

Meanwhile, the total assets hit AED 21.46 billion as of 31 March 2024, up year-on-year (YoY) from AED 20.95 billion.

Khalid bin Kalban, Vice Chairman and CEO of Dubai Investments, said: “Despite some ongoing volatility regionally, macroeconomics has shown resilience and the Group’s robust performance and a strong pipeline of real estate projects have yielded tangible results.”

“Pursuant of the group’s strategy, Dubai Investments will continue to target investments in sectors and assets with long-term growth drivers that will deliver value for shareholders,” Kalban added.

In 2023, the DFM-listed company posted higher net profits at AED 1.60 billion, compared to AED 1.15 billion in 2022.

Dubai Investments logs AED 120m profits to owners in Q1-24