Dubai Investments profits up 10% in 2016

31/01/2017 07:33 AST

Dubai Investments, a Dubai-listed conglomerate, reported on Monday Dh1.22 billion in net profit for the full-year 2016, marking a 9.8 per cent increase from the Dh1.1 billion recorded in 2015.

Revenues also jumped, reaching Dh3.1 billion in 2016 - a 14 per cent rise over the Dh2.7 billion recorded in the previous year, according to a statement posted to the Dubai bourse website.

Dubai Investments did not disclose details on what drove the increase in profits, but said in its statement that the profit for the year includes "gain on disposal of subsidiaries amounting to Dh186.6 million."

The company, in which sovereign fund Investment Corp of Dubai owns an 11.5 per cent stake, had said earlier it plans to float shares in subsidiary companies if a market rally extends over the next six to nine months, Reuters reported.

Emicool, a company providing cooling systems for buildings, topped the list of candidates for an Initial Public Offering (IPO).

"The market has started improving. We need to see what momentum the market has and how the market is going to trend, and need six to nine months to gauge it. If it continues for the next six months, for example, then we can go ahead with our plans for IPOs," Khalid Bin Kalban, chief executive officer of Dubai Investments, said, as per Reuters reports.


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