Dubai Holding Commercial Operations Group (DHCOG), part of a conglomerate owned by the emirate’s ruler, reported a 42 per cent increase in 2014 net profit in Sunday as property and land sales boosted earnings.
The company made a net profit in 2014 of Dhs4.68 billion ($1.27 billion) last year, up from Dhs3.30 billion in 2013, according to an emailed statement.
Driving the higher profit was a 13.6 per cent rise in total revenue to Dhs13.23 billion, which Chief Executive Ahmed bin Byat said was aided by a Dhs5.6 billion contribution from higher property and land sales and 8.5 per cent growth in recurring revenues.
DHCOG is part of Dubai Holding, which runs multiple businesses including hotel group Jumeirah, business park TECOM Investments and Dubai Properties Group.
Among its units is Emirates International Telecommunications (EIT), which has investments in Dubai-listed du, Tunisie Telecom and Malta’s GO.
DHCOG said it was continuing to “seek and assess viable divestment opportunities” within EIT but there were no sales during 2014.
EIT Chief Executive Deepak Padmanabhan said in October 2013 it had begun a formal sale process for its 35 per cent stake in Tunisia’s state-linked operator.