Dubai Investments said Thursday its net profit for the first nine months of 2022 shot up by 227% to $405.4 million (AED 1.5 billion), up from $124.2 million ((AED 456 million) for the same period a year ago.
The diversified investment company, in a statement, said that the increase is attributed to the gain on the disposal of a 50% controlling stake and fair value gain on a retained investment in Emirates District Cooling (Emicool), which amounted to $266.8 million (AED 980 million).
The total income for the nine months was $900 million (AED 3.3 billion), up from $710 million (AED 2.6 billion).
The company said its manufacturing, contracting, and services segment has also continued with solid performance.
"In line with the Group’s strategy to deliver superior returns to the shareholders, an interim dividend of 7.5% was approved during this quarter. The Group is focussed to take appropriate measures related to strategic investments and will implement planned exits from mature assets over the coming years,” said Dubai Investments Vice Chairman and CEO Khalid Bin Kalban in a statement. Dubai Investments is listed on the Dubai Financial Markets. The group was incorporated in 1995 and invested in various markets worldwide, including real estate, healthcare, education, finance, industrial, and retail sectors.
The company has 50 subsidiaries, including Dubai Investments Park Development Company, Anchor Mozna Real Estate, Emirates District Cooling, Techsource LLC UAE, and the Clemenceau Medical Center Dubai.
In December 2021, Dubai Investments partnered with TotalEnergies to install photovoltaic (PV) cells on the rooftops of its Emirates Glass and Lumiglass Industries facilities, promoting the use of solar energy.
The company launched a large-scale digital transformation in October to enhance business efficiency. The digital transformation program was in collaboration with Oracle, KPMG Lower Gulf, and Tech Mahindra. The new program aims to launch new business models faster and enhance efficiency with automation.
