Dubai – Mubasher: Dubai Investments on Sunday reported a net profit of AED 1.001 billion ($270 million) attributable to shareholders in the fiscal year 2017, down from AED 1.218 billion ($330 million) in the year before.
Net operating profit for the full year amounted to AED 1.259 billion, a decline from AED 1.612 billion in 2016, the company said in a bourse filing.
Dubai Investments attributed its profit decline to a gain on disposal of subsidiaries amounting to AED 187 million in recorded in 2016
Earnings per share (EPS) amounted to AED 0.24 in 2017 versus AED 0.29 in the previous year.
At the level of the fourth quarter of 2017, Dubai Investments logged AED 171.1 million in profits, down 54% from AED 368 million in the corresponding period of 2016, the statement showed.
In 2017, Dubai Investments became the sole owner of Emirates District Cooling LLC (Emicool) and later announced that it was planning to launch an initial public offering (IPO) for its newest acquisition on the DFM.
Earlier in February, the Dubai-based and listed investments company announced completing 30% of construction in its AED 3 billion Mirdif Hills project which includes Janayen Avenue and Nasayem Avenue.
Dubai Investments had last reported a 5% rise in net profits to AED 350.36 million in the third quarter of 2017 from AED 334.4 million in the same period of 2016.
