Conglomerate Dubai Investments, which has been eyeing opportunities to divest some of its businesses, said its third-quarter net profit more than doubled as it booked gains in the value of its investment properties.
The company, in which sovereign fund Investment Corp of Dubai (ICD) owns 11.5 percent stake, posted third-quarter net profit of 81.4 million dirhams ($22.16 million), compared with a profit of 24.9 million dirhams for the year-ago period, it said in a bourse statement on Monday.
Quarterly profit was mainly boosted by a 60 million dirhams gain on fair value of investment properties. It had booked a fair value gain of 8 million dirhams for the same period last year.
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