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FINANCIAL NEWS
Dubai Investments net profit up 17.4 percent in Q3
27 Oct 2014
(MENAFN) Dubai Investments announced that it registered an increase in its net profit by 17.4 percent for the July-September period of this year compared to the same period last year, due to lower costs and administrative expenses, Gulf Business reported.
The corporation, in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, said its net profit reached USD51.5 million in this year’s third quarter, compared with USD16.63 million in the same period of 2013.
The corporation also said that its posted net profit almost doubled for the January-September period, reaching USD270.75 million, which was helped by the company selling a 66 percent equity stake in its wholly owned pharmaceutical unit Global pharma to an investor group led by French drug maker Sanofi, which contributed in a profit of USD128.48 million during the April-June period.
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