Dubai Investments PJSC Reports Impressive 78% Increase in Q2 2024 Profit

Dubai Investments PJSC, a leading diversified investment company listed on the Dubai Financial Market, has announced a remarkable 78% increase in net profit for the second quarter of 2024. The company's net profit after tax attributable to shareholders reached AED 289.24 million for the three-month period ending June 30, 2024, compared to AED 266.03 million during the same period the previous year.

This impressive growth is indicative of Dubai Investments' strategic business initiatives and the buoyant property sector. For the first half of 2024, the Group reported a net profit after tax attributable to shareholders of AED 409.20 million, compared to AED 580.48 million during the corresponding period in the previous year. However, when adjusted for a one-off gain on the fair valuation of investment properties, the net profit for the quarter and half-year periods is higher by 78% and 83%, respectively.

The Group's total assets grew to AED 21.82 billion as of June 30, 2024, up from AED 21.44 billion at the end of 2023. Equity attributable to the owners of the company stood at AED 13.34 billion, slightly down from AED 13.46 billion as of December 31, 2023.

Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, expressed his satisfaction with the robust financial results, attributing the success to impactful business strategies and the strong performance of the investment portfolio. He highlighted the alignment of the Group's achievements with the UAE's forward-looking economic goals and the strong demand for new offerings.

Significant progress is expected on the construction of Phase 1 of the Danah Bay project in Ras Al Khaimah by the end of 2024. Additionally, the Group launched Violet Tower in Q1 2024, a new residential project in Jumeirah Village Circle (JVC), and commenced off-plan sales for the same.

During the three-month period ending June 30, 2024, Al Mal Capital REIT, a subsidiary of Dubai Investments, acquired a 100% equity interest in Carnation Education LLC, which holds the properties of Kent College in Dubai. This acquisition marks a crucial development in broadening the REIT's investment horizon.

Dubai Investments' dynamic approach and commitment to excellence are further underscored by the advancement of its real estate ventures, including the Danah Bay and Violet Tower projects, as well as the development of the Group's project in Angola. The strategic expansion of the REIT reflects the Group's dedication to creating exceptional value for shareholders.

Looking forward, Dubai Investments remains optimistic about maintaining its robust performance throughout 2024. The Group is keen on further strengthening its market leadership by focusing on key real estate projects and broadening its investment footprint across regional and international markets. This approach is anticipated to solidify the Group's standing as a pivotal player in driving economic growth.

Given the company's strong financial performance, strategic initiatives, and optimistic outlook, investors may consider holding their positions in Dubai Investments PJSC to capitalize on potential future gains.