Posted by Bob Brunskill
Dubai Investments (DI), the largest investment company listed on the Dubai Financial Market, recorded an impressive 85 per cent increase in profit during the first three months of 2010 compared to the final quarter of last year.
The firm reported a net profit of AED 278 million for the first quarter of 2010, against the AED 150 million earned in the previous quarter ended December 31st 2009 and the AED 269 million recorded in the corresponding quarter last year.
In addition, DI announced that its total assets as of March 31st 2010 stood at AED 14 billion, while net worth increased to AED 8.2 billion during the quarter.
Khalid Bin Kalban, the firm's managing director, said: "DI's strong fundamentals and diversified investment base provide it with tremendous operational flexibility, and this has allowed the company to respond quickly to changing market conditions and deliver good earnings performance even during difficult times."
The news follows a report by RAM Rating Services which noted that the countries of the Gulf Cooperation Council (GCC) continue to have a strong financial standing.