Dubai Investments’ net profit for the third quarter of 2024 increased by 2% to $65.7 million, driven by a strong performance in the real estate sector

Dubai Investments’ net profit for the third quarter of 2024 increased by 2% to $65.7 million, driven by a strong performance in the real estate sector

Dubai Investments has reported a net profit of $65.7 million (AED 241.3 million) for the third quarter, which is a 2% increase compared to the same period last year, according to a report filed on Thursday.

Dubai Investments Profit

• Dubai Investments made a net profit of $64.4 million (AED 236.5 million) in the third quarter of 2024, compared to the same period last year.
• For the first nine months of 2024, the company earned a net profit of $177.1 million (AED 650.5 million) after taxes.
• The company explained that, excluding a one-time gain from the increase in the value of its properties, its profit for the first nine months of 2024 was 80% higher than last year. For the third quarter alone, the profit was 78% higher than in 2023.
• The company’s total assets grew by 1.7% to $5.9 billion (AED 21.8 billion) by the end of September 2024, up from $5.8 billion (AED 21.4 billion) at the end of December 2023.

Crucial quote

“Dubai Investments will keep selling its real estate assets as part of its main goals,” said Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, in a statement.

“By taking advantage of new opportunities and using smart investment plans, the company is ready to create long-term value for its shareholders,” he added.

Project Updates

Dubai Investments recently announced strong sales for Violet Tower, an apartment project in Jumeirah Village Circle. Construction is progressing well, and the project is expected to be completed by the end of 2026.

The company also shared updates on its Danah Bay project. The villas are expected to be finished by early 2025, with the Beachfront Villas ready by mid-2025. The Danah Bay Residential Tower is scheduled to be completed by the end of 2026.

Stock Price

As of 2:00 pm AST on Thursday, Dubai Investments’ stock had decreased by 1.4%, trading at AED 2.13 (58 cents).

Published: 15th November 2024

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