The firm, in which sovereign wealth fund Investment
Corporation of Dubai (ICD) owns an 11.5-percent stake, made a net profit of
107.5 million dirhams ($29.3 million) for the first-quarter, compared with
101.1 made in the same period in 2011.
Revenue for the quarter was 623 million dirhams as
against 643 million dirhams in the prior-year period, the company said in a
bourse statement.
Dubai Investments, whose manufacturing business was hit
by political unrest in the Gulf Arab region, said improvements in the regional
political conditions and a revival of UAE's tourism and hospitality sectors
helped bolster its quarterly net profit.
Revenue from sale of goods and services increased to 374
million dirhams from 324 million dirhams in the same period in 2011.
The company, which has interests in several sectors
including property and manufacturing, said total assets stood at 13.5 billion
dirhams at the end of the first quarter.
It has been eyeing an exit from some of its businesses
and said that it was still reviewing opportunities.
"The management is closely monitoring economic
developments and reviewing opportunities for divestment. These divestment are
expected to provide significant returns in the near future," said Khalid
Kalban, managing director and chief executive of Dubai Investments.
Dubai Investment shares ended 0.6 percent higher on the
Dubai bourse before the announcement of the earnings.
The conglomerate wants to raise up to 1 billion dirhams
this year through sale of a sukuk, or Islamic bond, to finance the expansion of
its manufacturing units and repay debt.
