Last updated: 7 September, 2014

Dubai Holding unit posts $572.2 million H1 profit

A unit of Dubai Holding, a conglomerate owned by Dubai’s ruler, said Sunday it earned 2.1 billion dirhams ($572.2 million) in net profit in the first half of 2014.

Dubai Holding Commercial Operations Group (DHCOG), a hospitality, media and property group, said revenues in the six-month period reached 5.6 billion dirhams ($1.53 billion) thanks to a “strong performance in all of its business lines.”

The group did not provide comparative figures for last year.

“Our ability to continue to generate solid earnings highlights both the strength of our financial position and the success of our strategy that is focused on investing in sectors vital to Dubai’s economic development,” said Dubai Holding chairman Mohammad Al-Gergawi.

“We are confident that our performance will continue to improve over the second half of the year and we expect out annual net profits to exceed four billion dirhams,” said Ahmad Bin Byat, chief executive officer of Dubai Holding.

The group says it manages a portfolio of assets valued at 116 billion dirhams.

Dubai government-related entities were hit by the financial crisis in 2009 as international finance dried out, while the emirate’s real estate sector collapsed.

DHCOG said it used available liquidity to repay a 750-million-euro bond in January, and voluntarily repaid $319.3 million of debt maturing at the end of 2015.