Dubai Investments reports net profit of Dhs1.035bn for half year ended 30 June 2008

The net profit for the period was Dhs1.035bn, which is 29% more than the net profit of Dhs803m for the same period last year.

These outstanding results were the product of excellent performances by group entities.

The total income for the second quarter of 2008 (2Q08) is Dhs1.5bn which is 47% more than the total income of Dhs1.02bn for the second quarter of 2007 (2Q07).

The net profit for 2Q08 is Dhs547m which is 50% more than the net profit of Dhs364m for 2Q07.

Total assets have increased to Dhs12.8bn, a growth of 71% over the total assets of Dhs7.5bn for the same period last year.

Total Shareholders' Equity has increased to Dhs6.8bn, a growth of 62% over the Total Shareholders' Equity of Dhs4.2bn for the same period last year mainly on account of substantial net profit achieved and increase in share capital on rights issue.

The return on average equity achieved for the period is 18%.

The earnings per share (EPS) for the period is Dhs0.32, 19% higher than the EPS of Dhs0.27 for the previous period.

This substantial increase in EPS is achieved after increase in share capital from rights and bonus issue.

The return on average total assets achieved for the period is 9%.

Khalid Bin Kalban, Managing Director and CEO of Dubai Investments said:

"Our exceptional half-yearly performance reflects our continued ability to cater to customers across the full spectrum of our operations. This growth has been achieved mainly through the outstanding performance of the group companies and through the significant gains from our real estate ventures. We expect to sustain this growth momentum into the future and further drive up the profits in the second half of 2008."

"DI expects to maintain the growth momentum in the future. DI is currently finalizing divestment of 40% of M'Sharie and completion is expected shortly with significant gain that will be reflected in the results of Q3." concluded Kalban.