First Dubai profits reach Dhs91.5m in 6 months

The company's profits for the first half of 2009 amounted to Dhs91.5m, compared to Dhs94.5m for the same period last year, while Earnings per share (EPS) reached 92 fils.

Al Baker said after the meeting that First Dubai has put down a five-year plan, starting in 2009, and that the company has finished delivering all of its projects in Dubai, including The Villa in Dubai Land, with development works 85% complete, Queue Point residential project in Al Liwan, Dubai Land, which consists of five buildings which are completely sold out and is currently 45% complete, and Sky Gardens, which is 60% complete, with the remaining residential units and shops going on offer for lease during an elaborate marketing campaign starting in September.

Sky Gardens is a vital project for First Dubai due to its uniqueness and vital location at DFIC, as well as being a destination for investors and residents alike.

Al Baker went on to say that the company's five-year plan includes the development of Morina Residences located in Shams Abu Dhabi. It is being developed by Sorouh, who recently completed piling and foundation works, while concreted structure works will be handed over to an Emirati company.

He added that the development of Morina Residences has been resumed due to the stability of the property market and the success of investment in Abu Dhabi, as stated by the latest research and studies.

Al Baker said that First Dubai's capital reached Dhs1,273m during 2008, which drove the company to continue its success, thus providing impressive profits for its shareholders. He noted that the company is continually looking for alternative income sources during the global financial crisis.

He went on to say that his company's assets amounted to Dhs1,813m in H1 2009 compared to Dhs1,126m during the same period in 2008. Total liabilities amounted to Dhs573m by the end of H1 2009, as opposed to Dhs753m during the same period last year. These figures affirm that First Dubai's capital, not to mention its quality assets, are strong and well protected.

Al Baker added that total equity shares reached Dhs1,240m in H1 2009 against Dhs373m during the same period in 2008.

He concluded his speech by saying that the next period will see a relative stability in First Dubai's financial results according to the company's plans, noting that First Dubai's book value does not reflect the company's current market value for its stocks.