Profits of Dubai Investments increased by 47 percent in the first half of the year

Dubai Investments announced a 47 percent increase in net earnings to AED302 million for the six months ending June 30, 2021, compared to AED205 million the previous year.

The company stated in a statement on Thursday that the increase in net profit for the period is primarily attributable to improved performance in the manufacturing, contracting, and investment areas.

As the Group ramped up sales in its property division, total income for the period climbed by 51% to AED1.72 billion, compared to AED1.14 billion the previous period.

During the current reporting period, the Group purchased an additional 21.53 percent stake in National General Insurance PJSC (NGI). Following that, the Group purchased a 15.19 percent share in NGI, bringing its total ownership to 45.18 percent.

Commenting on the financial results, Khalid bin Kalban, Vice Chairman and CEO of Dubai Investments, said, “We’re pleased to see that our activities in the first half of the year have led to all-around growth that is quite promising. As we move forward with our plans for the latter half of 2021, we expect to continue building on the momentum and successes achieved so far.

“Key amongst these is our commitment to diversifying into healthcare and education, as well as focus on real estate, including the ongoing development of mixed-use communities in Mirdif Hills and Fujairah. We also continue to explore opportunities for sustainable growth across the sectors that we operate in and look forward to sharing updates on these in due course.”