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FINANCIAL NEWS
Dubai’s DHCOG reports USD327m profit in 2012
01 Apr 2013
(MENAFN) Dubai Holding Commercial Operations Group (DHCOG) chairman, Mohammad Al Gergawi, stated that the company’s net profit soared to USD327 million in 2012, compared with USD55.52 million a year before, reported Arabian Business.
Al Gergawi attributed the notable increase to a decline in costs and expenses and higher revenue.
He added that the year’s revenue rose 4.5 percent from USD2.39 billion in 2011, reaching USD2.50 billion.
DHCOG, which is the main unit of Dubai Holding, the investment vehicle owned by Sheikh Mohammed Bin Rashid Al Maktoum, managed to reduce debt by USD299 million to USD3.18 billion, with current liabilities falling by nearly 20 percent.
It is worth noting that DHCOG units comprise Jumeirah Group, TECOM Investments and Dubai Properties Group.
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