Dubai Investments on Tuesday announced net profit attributable to shareholders after tax of Dh119.96 million for the first quarter of 2024, compared to Dh314.44 million in the corresponding period last year.
Excluding the one-off gain on the fair valuation of investment properties in 2023, the group’s profit for the same period in 2024 has surged by 90 per cent.
The total income for the period was Dh791.88 million as compared to Dh1.01 billion for the same period last year and total assets remained stable at Dh21.46 billion.
Khalid Bin Kalban, vice-chairman and CEO, Dubai Investments said, “The group is pleased to have started the year with a robust set of Q1 results. These results demonstrate the upward trajectory and long-term growth drivers within the real estate market, which support Dubai’s Investments strategic initiatives that focus on investing in growth opportunities. Despite some ongoing volatility regionally, macroeconomics has shown resilience and the Group’s robust performance and a strong pipeline of real estate projects have yielded tangible results.”
“The Danah Bay project on Al Marjan Island in Ras Al Khaimah continues to witness robust demand, with steady construction progress. The recent launch of the Violet Tower project further underscores the buoyancy in the residential sector. In addition to these milestones, the successful completion of the Al Mal Capital REIT rights issue further underscores the Group’s commitment to strategic investments. Pursuant of the Group’s strategy, Dubai Investments will continue to target investments in sectors and assets with long-term growth drivers that will deliver value for shareholders”, added Kalban.
Outlook
The group anticipates that the positive momentum will continue throughout 2024, driven by robust growth in the real estate sector. With a strategic focus on executing key real estate projects initiated in 2023, Dubai Investments said that it remains committed to delivering enhanced value for shareholders.