Dubai Holding records 24% increase in net profit of AED 2.6 billion
Dubai Holding records 24% increase in net profit of AED 2.6 billionOctober 3, 2015
- Net profit expected to exceed AED 5.5 billion by the end of 2015
H.E. Mohammad Abdulla Al Gergawi, Chairman of Dubai Holding announced today the financial results of its business group, Dubai Holding Commercial Operations Group (‘DHCOG’), for the first half of this year ending 30th June 2015. DHCOG continued to see good operational progress with all businesses performing well and contributing to the Group’s profitability. Net profit increased to around AED 2.6 billion up 24% from AED 2.1 billion in the equivalent period last year, and it is expected to exceed AED 5.5 billion by the end of 2015.
Ahmad Bin Byat, Vice Chairman and Managing Director of Dubai Holding, said: “As Dubai gears up to become the most productive and innovative hub in the world, we have embarked on several initiatives to continue to develop strategic sectors vital to Dubai’s economy. Dubai Holding will continue to reinforce its successful strategy of investing in innovation, knowledge, technology, content and business clusters to support Dubai’s efforts in setting up advanced infrastructure, which in turn will attract top global talent.”
Commenting on the financial results, Fadel Al Ali, Chief Executive Officer of Dubai Holding, said: “We continue to improve the quality of DHCOG’s earnings by driving recurring revenue streams across all our businesses. These solid results demonstrate the company’s sound strategic planning and prudent financial management. Strong business performance boosted by a range of new projects are expected to further support the company’s long-term growth. At Dubai Holding, we are proud of our achievements and remain fully committed to the vision of Dubai.”