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FINANCIAL NEWS
Dubai Investments Q1 profit grows to USD29.3m
14 May 2012
(MENAFN) Dubai Investments’ managing director and chief executive, Khalid Kalban, stated that first-quarter net profit went up 6.3 percent to USD29.3 million, from USD27.51 million in last year’s same period, reported Arab News.
Kalban said that during the period, revenue fell to USD169.56 million, compared with USD175 million, whereas revenue from sale of goods and services reached USD101.79 million, up from USD88.18 million.
He added that at the end of the 3-month period, total assets of the conglomerate stood at USD3.67 billion.
It is worthy noting that Investment Corporation of Dubai (ICD), the sovereign wealth fund, has an 11.5-percent stake in Dubai Investments.
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