Dubai – Mubasher: Dubai Investments Company (DIC) reported a 44% year-on-year drop in its profits for the first quarter of 2019.
Net profits amounted to AED 202 million in Q1-19, compared to AED 361.9 million in Q1-18, according to DIC’s statement to the Dubai Financial Market (DFM) on Sunday.
“The net profit for Q1 2019 has increased by AED 118 million. This is mainly due to an increase in gain on fair valuation of investments which is quite encouraging as it indicates improving market conditions,” Khalid bin Kalban, managing director and CEO of DIC, commented.
Total assets increased to AED 20.11 billion in the three-month period ended in March, while the annualised return on equity achieved for the period was 6.4%, the Dubai-based investment group noted.
“The Company’s outlook for the remaining of 2019 is positive with various real estate developments nearing completion and expected a recovery of the manufacturing and contracting segment which will further be boosted by the acquisition of Globalpharma,” bin Kalban added.
