By Amit Chettupuzha
DUBAI/November 2-2020: The Dubai Financial Market-listed Dubai Investments reported 102 per cent surge in the third quarter (Q3) net profit to AED213 million, compared with AED105 million in the corresponding period last year.
The net profit for the nine-month period ending September 30, 2020, was AED418 million compared with AED458 million for the same period last year.
The total revenue during the nine-month period was AED1.90 billion while the total assets increased to AED21.5 billion as at the end of Q3, 2020 as compared with AED20.6 billion during the same period last year.
Al Mal IPO
Khalid Bin Kalba (seen in the picture) , Vice Chairman and CEO of Dubai Investments, said that despite the challenging times, the company was able to achieve strong performance this quarter. “Overall business has started to pick up and we are focusing on successfully navigating through the changing business dynamics. The market will soon see the launch of REIT by Al Mal Capital, one of the subsidiaries of Dubai Investments that is expected to be listed on DFM in January 2021,” Kalban said.
He said, in the current environment, investors are looking for secure long-term attractive returns and this REIT and DFM listing will meet investors’ needs, providing a liquid vehicle to access a sector with strong fundamentals.
Masharie ownership close to 100 pc
The Group acquired additional 22.22 per cent equity interest in its existing subsidiary, Masharie LLC. Upon acquisition of additional interest, the Group interest in Masharie LLC has increased to 97.85 per cent.
During the current year, the Group acquired an additional 49 per cent equity interest in its existing subsidiary Emirates Extruded Polystyrene. Post-acquisition of additional interest, the Dubai Investment’s shareholding in Emirates Extruded Polystyrene has increased to 100 per cent.
During the current period, the Group disposed of part of its interest in existing subsidiary, Emirates Insolaire resulting in a loss of control.
Post disposal, Emirates Insolaire has been classified as an associate of the Group. The disposal resulted in a net gain of AED14.3 million, which is included under gain on sale of investments.