Dubai Investments recorded significant profit growth in the second quarter after an increase in the value of its securities portfolio and the sale of a stake in a pharmaceutical subsidiary.
The company earned profits of Dh805 million, driven by a near-doubling of the value of its “unquoted equity securities, funds and bonds”. The value of its unquoted security holdings increased from Dh268.5m in December to Dh512.3m at the end of June.
Dubai Investments also gained from its sale of a 66 per cent stake in Globalpharma, a manufacturer of generic drugs, to the French company Sanofi. This deal earned Dubai Investments Dh370m in receivables in the second quarter.
Dubai Investments’ listed equities portfolio fell slightly to Dh362m in the second quarter, down from Dh373m at the beginning of the year.
Investments outside of the GCC experienced the largest growth, with international investments increasing in value from Dh281.8m to Dh452.3m – a gain of 60 per cent.
Revenue from real estate development increased by 24 per cent over the first half of the year to Dh399.6m, up from Dh320.4m in the year-earlier period.
Construction revenues rose slightly to Dh752m in the first six months of the year, up from Dh727m in the previous comparable period.
Dubai Investments’ cash position decreased slightly, with holdings totalling Dh751m at the end of June, down from Dh 1 billion in the first quarter.
First-half earnings per share grew from Dh0.09 to 0.21.
The company’s share price decreased by 0.56 per cent, closing at Dh3.53 a share.
Dubai Investments said last month that it was considering two major acquisitions, made possible by its strong cash position.
“Several projects are under consideration,” said Khalid bin Kalban, the chief executive of Dubai Investments. “We have a strong thrust in developing our real estate business.”
Dubai Investments is examining mixed-use business park developments in Libya and Erbil, the company said in May. These would be similar to the existing Dubai Investments Park.
In April, the company voted at its annual general meeting to issue a dividend worth 7 per cent of the share price in cash, and 7 per cent in bonus shares.
abouyamourn@thenational.ae
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Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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2018 ICC World Twenty20 Asian Western Regional Qualifier
The top three teams progress to the Asia Qualifier
Final: UAE beat Qatar by nine wickets
Third-place play-off: Kuwait beat Saudi Arabia by five runs
Table
1 UAE 5 5 0 10
2 Qatar 5 4 1 8
3 Saudi 5 3 2 6
4 Kuwait 5 2 3 4
5 Bahrain 5 1 4 2
6 Maldives 5 0 5 0
UAE currency: the story behind the money in your pockets
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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Takreem Awards winners 2021
Corporate Leadership: Carl Bistany (Lebanon)
Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)
Outstanding Arab Woman: Balghis Badri (Sudan)
Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)
Young Entrepreneur: Omar Itani (Lebanon)
Lifetime Achievement: Suad Al Amiry (Palestine)
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