Middle-east Arab News Opinion | Asharq Al-awsat

Property, Material Sales Boost Dubai Investments’ Q3 | ASHARQ AL-AWSAT English Archive 2005 -2017
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DUBAI (Reuters) – Dubai Investments Co, the UAE’s largest diversified holdings firm by market value, said yesterday third-quarter profit grew 34.1 percent on higher building material and property unit sales rose.

Profit in the three months to Sept. 30 rose 34.1 percent to 267.62 million dirhams ($72.88 million), compared with 199.62 million dirhams in the year-earlier period, Dubai Investments Chief Financial Officer Yawar Pasha said.

Dubai Investments operates about 35 subsidiaries, including Emirates Building Systems, which sells steel structures, and Dubai Investments Real Estate Co, which is building office towers, industrial complexes and residential units in the emirate.

“All of the group companies performed well and we saw good sales of properties, building materials and manufacturing products,” Pasha told Reuters.

Total income in the three-month period jumped 54.6 percent on higher sales of building materials, manufacturing products and property units, Pasha said.

Total income of 730.71 million dirhams in the third quarter compared with 472.68 million dirhams in the year-earlier period, he said.