Dubai – Mubasher: Dubai Investments recorded net profits after tax attributable to shareholders valued at AED 409.20 million in the first half (H1) of 2024, compared to AED 580.48 million in H1-23.
The net profits hit AED 289.24 million for the three-month period that ended on 30 June 2024, marking an annual growth from AED 266.03 million, according to the financial results.
Meanwhile, the group’s total assets amounted to AED 21.82 billion, up from AED 21.44 billion as of 31 December 2023.
The equity attributable to the owners of Dubai Investments reached AED 13.34 billion, versus AED 13.46 billion at the end of December 2023.
Khalid bin Kalban, Vice Chairman and CEO of Dubai Investments, said: "The group’s success across the quarters is attributed to the buoyant property sector and complemented by the excellent performance of the investment portfolio. This achievement reflects our alignment with the UAE’s forward-looking economic goals and the strong demand for new offerings."
He added: “We expect significant progress on construction of Phase 1 of the Danah Bay project in Ras Al Khaimah by Year-end 2024. The group had launched Violet Tower in Q1-24, a new residential project in Jumeirah Village Circle (JVC), and commenced off-plan sales for this.”
In the first quarter (Q1) of 2024, the DFM-listed group posted lower net profits attributable to the owners at AED 119.96 million, compared to AED 314.44 million in Q1-23.
