Real Estate : Investments achieves robust Q2 profits by Now
The Dinah Bay project in Ras Al Khaimah is moving forward nicely, and Violet Tower in Dubai is starting to sell off-plan
DFM-listed Dubai Investments reported that, thanks to a thriving real estate market, its net profit attributable to shareholders for the second quarter of 2018 increased by 9% year over year to 289.
- 24 million UAE dirhams ($79 million), from AED266.03 million ($72 million) during the same time the previous year.
- However, compared to AED 580.48 million ($158 million) in the first half of 2023, net profit attributable to shareholders decreased to AED 409.
- According to the statement, net profit for the quarter and half-year climbed by 78% and 83%, respectively, after one-time gains from the prior year connected to the fair valuation of investment properties were taken into account.
- By the end of June 2024, the Group’s total assets had increased to AED 21.82 billion ($6 billion), from AED 21.44 billion ($5.8 billion) at the end of December 2023.
- However, as of December 31, 2023, equity attributable to the owners was AED13.34 billion ($3.6 billion), down from AED13.46 billion ($3.7 billion).
Real Estate : Investments achieves robust Q2 profits by Now
AED1 billion ($272 million) Dinah Bay luxury project in Ras Al Khaimah’s Al Maran Island, launched in September 2022; a mixed-use development in Angola, launched in January 2024; and the $82 million Violet Tower in Dubai’s Jumeirah Village Circle, launched in March 2024, for which off-plan sales have begun, are just a few of the real estate projects that Khalid Bin Kalgan, Vice Chairman and CEO of Dubai Investments, emphasized the company’s dedication to these projects.
- He noted that Al Mal Capital REIT, a division of Dubai Investments, acquired a 100 percent ownership stake in Carnation Education, which owns the properties of Kent College in Dubai, in the second quarter as a strategic move to expand the REIT’s investment horizon.
- “The strong performance of the Group’s investment portfolio and the thriving real estate market are the primary reasons for the Group’s success over the last several quarters,” he stated.
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