RIYADH: Dubai Investments, a diversified investment firm, has reported a significant increase in profits for 2021, buoyed by strong business performance.

Net profits grew by 78 percent, reaching 619 million dirhams ($168 million) in 2021 compared to 347.5 million dirhams in 2020, Albayan reported.

The company’s revenues rose to 3.42 billion dirhams in 2021 from 2.67 billion dirhams a year earlier.

In a statement to the Dubai Financial Market, the company attributed the increase in profits to a strong performance in its manufacturing, contracting, and services sectors.

Established in 1995, the Dubai-listed firm owns a stake in several businesses in multiple sectors including real estate, education, industrial, financial services, and health care.