Dubai jeweller records first half profit rise of 531%

29/11/2011 - Dubai Investment News Posted by Bob Brunskill
Dubai jeweller records first half profit rise of 531%

The business credentials of Dubai have been given a significant boost following the publication of financial results from a leading jeweller.Damas has revealed that the fist six months of this year saw profits increase by triple figures on last year.Indeed, profits for the last six months grew by 531 per cent as a result of soaring gold costs.The firm's results showed a net profit of DH 26.5 million for the six-month period ending September 30th.During the same period in 2010 the firm saw net profit recorded at just Dh4.2 million.The significant jump in profits could serve to encourage investors in other UAE sectors.Indeed, the news comes shortly after Dubai businesses were revealed to be anticipating a busy 2012.The latest quarterly business confidence report from Dun and Bradstreet showed that business confidence has improved significantly in the last three months, moving from 100 points to 115 points in the last quarter.