Dubai Investments PJSC has reported net profit of $406mn for the period ended 30 September 2022, an increase of 227%, as compared to $124mn for the nine-month period last year.
The profit is higher by $280mn, mainly due to massive gains accrued by disposal of a 50% controlling interest and ‘fair value gain’ on retained investment in Emirates District Cooling (Emicool), worth $267mn.
In October 2021, Dubai Investments said it would develop a $272mn mixed-use project on Al Marjan Island and, in April 2022, it said it was divesting a 50% stake in Emicool to Actis in a $1bn deal.
The group’s manufacturing, contracting and services segment has also continued its strong performance. Total income for the group grew to $898mn as compared to $708mn for the nine-month period ended 30 September 2022, compared to the same period last year.
Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments said, “The Group has maintained momentum and delivered consistent performance throughout this year, reflecting the resilience of the business model. The exceptional performance this quarter is a result of unlocking substantial value through an organised divestment process, testifying Dubai Investments’ strategy for value creation. In line with the group’s strategy to deliver superior returns to the shareholders, an interim dividend of 7.5% was approved during this quarter. The group is focused to take appropriate measures related to strategic investments and will implement planned exits from mature assets over the coming years.”
In early November 2022, Eshraq Investments sold Reportage Properties a 650,000sqft land plot on Al Reem Island.
Earlier in the year, the firm embarked on a digital transformation drive in collaboration with Oracle, KPMG Lower Gulf, and Tech Mahindra. The deal aims to drive continuous innovation, launch new business models faster, and enhance efficiency with the help of automation, the firm stated.