Dubai – Mubasher:  Dubai Holding has announced the financials of its subsidiary Dubai Holding Commercial Operations Group (DHCOG) posted a net profit rise of 42% to AED 4.7 billion for the year ended 31 December 2014 compared to AED 3.3 billion in 2013.

DHCOG witnessed a strong year with revenues rising 14% to AED 13.2 billion, compared to AED 11.6 million in 2013, with recurring revenues up 8% to AED 7.6 billion against AED 6.9 billion the year before.

DHCOG said it saw steady progress with improved revenue, gross profits and gross margins. Normalised EBITDA grew by 25% to AED 6.9 billion compared to AED 5.5 billion in 2013.

Dubai Holding chairman Mohammad Abdulla Al-Gergawi said the firm has “a number of programmes already running and our AED 4.5 billion bundle of initiatives will help drive forward Dubai’s agenda to become the innovation capital for more than 2 billion people who live in the region around us.”

He added that Dubai Holding is “fully committed to Dubai’s long-term economic growth.”