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Dubai Investments Q3 Profit Rises 17.4%

Dubai Investments Q3 Profit Rises 17.4%

The conglomerate said its net profit was Dhs189.1 million ($51.5 million) in the third quarter, compared with Dhs161.1 million in the same period of 2013.

Dubai Investments said on Monday that its net profit for the third quarter rose 17.4 per cent on the back of lower costs and administrative expenses.

The conglomerate, in which sovereign fund Investment Corp of Dubai owns an 11.5 per cent stake, said its net profit attributable to owners of the company was Dhs189.1 million ($51.5 million) in the three months to Sept. 30, compared with Dhs161.1 million in the same period of 2013.

The firm’s nine-month profit nearly doubled to Dhs994.6 million. Dubai Investments sold a 66 per cent equity stake in its wholly owned pharmaceutical unit Globalpharma to an investor group led by French drugmaker Sanofi; the deal contributed a profit of Dhs472 million for the second quarter.

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