Dubai Investments Q1 Net Profit Jumps 26%

Dubai Investments’ first-quarter net profit rose 26 per cent, the conglomerate said in a bourse filing on Monday, adding that it planned to sell off some assets.

Confirming their forecast a week ago, the company said its profit for the three months to March 31 was Dhs265 million ($72.2 million). That would compare with a profit of Dhs211 million in the prior-year period.

In the same statement, the company quoted its chief executive officer, Khalid Bin Kalban, as saying: “We are edging towards completion of a divestment transaction which will significantly contribute to the group’s profitability.”

Kalban did not give further details.