Dubai Investments PJSC, a leading diversified investment company listed on the Dubai Financial Market (DFM), has reported a net profit after tax attributable to shareholders of AED 241.31 million for the three-month period ending September 30, 2024. This marks a slight increase from AED 236.54 million during the same period in 2023. Additionally, the Group reported a robust net profit of AED 650.51 million for the nine-month period ending September 30, 2024, demonstrating significant growth.
The results show an impressive year-on-year increase in profit, with the nine-month period reflecting an 80% rise and the three-month period a 78% increase compared to the previous year, after adjusting for a one-time gain from the fair valuation of investment properties.
As of September 30, 2024, the Group’s total assets reached AED 21.81 billion, compared to AED 21.44 billion as of December 31, 2023. The equity attributable to shareholders increased to AED 13.58 billion from AED 13.46 billion over the same period, further highlighting the company’s healthy financial position.
Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, commented: “Dubai Investments’ financial performance for the nine-month period ended September 30, 2024, reflects the Group’s strategic commitment to sustainable growth and thoughtful portfolio diversification. This achievement showcases the enduring strength and resilience of the Group’s core business operations. The Group is encouraged by the dynamic momentum in the real estate sector, complemented by the improved performance of its investment portfolio. Dubai Investments will continue to monetize its real estate assets as part of the Group’s strategic objectives. By strategically capitalizing on emerging opportunities and implementing forward-looking investment strategies, the Group remains well-positioned to drive long-term value for the shareholders.”
Key Business Highlights
Dubai Investments’ strategic real estate ventures have also seen notable progress. Off-plan sales for the Violet Tower at Jumeirah Village Circle are performing well, with construction on track for completion by the fourth quarter of 2026. Meanwhile, the Danah Bay project continues to make impressive strides, with villas expected to be completed by Q1 2025, Beachfront Villas by Q3 2025, and the Danah Bay Residential Tower by Q4 2026.
Additionally, the Group, through Al Mal Capital REIT, now owns five income-generating assets, reinforcing its real estate portfolio and ensuring sustainable income streams. Dubai Investments’ expansion efforts have extended internationally, with construction now underway for the DIP Angola project, a mixed-use economic zone in Africa. This initiative underscores the company’s vision of creating integrated hubs that foster economic and social progress.
Dubai Investments remains focused on creating long-term shareholder value, with its diversified approach across markets and regions strengthening its portfolio’s resilience and mitigating risk.
