DUBAI: Dubai Investments said yesterday that its net profit for the first six months of the year more than doubled, on the back of gains from the divestment of one of its assets.
The conglomerate, in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, posted a net profit of Dh805m ($219.2m) in the six months to June 30, compared with Dh370m in the same period of 2013.
The company did not provide quarterly figures but calculated a net profit of Dh540m in the second quarter based on financial statements. This would be more than three times the Dh158.5m it made last year.
In May, Dubai Investments divested a 66 percent equity stake in its wholly-owned pharmaceutical unit Globalpharma to an investor group led by French drugmaker Sanofi. This contributed a profit of Dh472m for the first-half period, the statement added.
Reuters
