Dubai – Mubasher: Dubai Investments achieved AED 580.47 million worth of net profits attributable to the shareholders during the first half (H1) of 2023, marking a 59% increase from AED 364.08 million in H1-22.

The earnings per share went up to AED 0.14 as of 30 June 2023, compared with AED 0.09 in the same period a year ago.

Total income soared by 31% to AED 2.03 billion during January-June 2023 from AED 1.54 billion in the corresponding six months (6M) in 2022, according to the financial results.

Vice Chairman and CEO of Dubai Investments, Khalid bin Kalban, said, “The increase in net profit is mainly due to the strong performance of the real estate segment underpinned by substantial returns from the investment portfolio.”

The CEO added: “The Danah Bay, Al Marjan Island, Ras Al Khaimah project continues to attract significant interest. Whilst the real estate sector remains one of our key business verticals, we are also focused on deploying capital effectively in other value-accretive opportunities.”

Income Statement for Q2-23

In the second quarter (Q2) of 2023, Dubai Investments recorded a net profit to the owners worth AED 266.03 million, which was 65% higher than AED 161.53 million in Q2-22.

The EPS stood at AED 0.06 in April-June 2023, marginally up from AED 0.04 in the same period a year earlier.

The company’s total income in Q2-23 amounted to AED 1.01 billion, compared with AED 786.27 million in Q2-22.

Outlook for H2-23

As for H2-23, which started in July, Bin Kalban concluded: “As Dubai Investments progresses into the second half of the year, the group is upbeat on its overall growth and looks forward to leveraging its expertise in expanding its portfolio and maximising returns for investors.”

In Q1-23, the net profits attributable to the shareholders of Dubai Investments increased by 55% to AED 314.44 million from AED 202.54 million in Q1-22.