Dubai – Mubasher: The net profits attributable to the owners of Dubai Investments hit AED 817.01 million in the first nine months (9M) of 2023, versus AED 1.48 billion in 9M-22.

Basic earnings per share (EPS) retreated to AED 0.19 in 9M-23 from AED 0.35 a year earlier, according to the interim income statements.

The total income amounted to AED 2.99 billion in the January-September 2023 period, down year-on-year (YoY) from AED 3.27 billion.

Financial Results for Q3-23

In the third quarter (Q3) of 2023, the listed company posted lower net profits attributable to the shareholders at AED 236.54 million, versus AED 1.12 billion in the year-ago period.

Total income plummeted to AED 967.66 million in Q3-23 from AED 1.72 billion in Q3-22, while the EPS shrank to AED 0.06 from AED 0.26.

Khalid bin Kalban, Vice Chairman and CEO of Dubai Investments, noted: "Dubai Investments has been consistent in delivering robust financial results, despite a higher interest rate environment, a testament to the enduring resilience of the business model.”

“In Q3, the exceptional performance of the Property and Investment segments drove the results and we expect the momentum to be sustainable and continue for the rest of the year,” he added.

“The Danah Bay development in Al Marjan Island, Ras Al Khaimah is progressing well with the launch of the residential tower expected soon.”

During the first half (H1) of 2023, Dubai Investments logged net profits attributable to the equityholders valued at AED 580.47 million, an annual leap of 59% from AED 364.08 million.