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Dubai Holding Commercial Operations Group Net Profit Increases To AED 1.2bn In 2012
(3 April 2013)

 

Dubai Holding, a global investment holding company, announced the financial results for its business group, Dubai Holding Commercial Operations Group (DHCOG), for the fiscal year ending 31 December 2012, disclosing a net profit of Dh. 1.2 billion against Dh.2.4million in 2011.

DHCOG’s total revenues for 2012 increased to Dh 9.2bn of which Dh. 6.3bn were recurring revenues (2011: Dh. 8.8bn and AED 6bn respectively). Net profits also grew considerably to Dh. 1.2bn in 2012 compared to Dh. 204m in 2011 due to an increase in revenues, tighter cost control and reduction in impairment charges.

The Group’s total assets stood at Dh. 86.33bn and the Group continues to deleverage, having successfully paid down a US$ 500m bond in February 2012. DHCOG concluded the year with a healthy cash balance of Dh. 1.7bn.

Total DHCOG debt currently stands at Dh. 11.7bn, a reduction during the course of 2012 of Dh. 1.1bn, thereby improving the debt to equity ratio to 0.80. Contractor liabilities of Dh. 2.1bn were settled. Overall current liabilities decreased by 20%.

DHCOG’s improved operating performance and financial position resulted in Moody’s Investors Service and Fitch Ratings reaffirming their stable outlook for DHCOG in 2013.

Commenting on DHCOG’s substantially improved performance, Mohammad Abdulla Al Gergawi, Chairman of Dubai Holding, said: "Our turnaround strategy has made considerable strides in 2012 and our businesses across the commercial operations group are increasingly well positioned. This, together with the strengthening of Dubai as the region’s financial, business and tourism hub, gives me confidence that we are set for the next phase of future growth." Ahmad Bin Byat, Chief Executive Officer of Dubai Holding, commented; "Over the last few years, we have focused our strategy on driving revenue, improving operations across all of our businesses and addressing our financial commitments. The results of this strategy are increasingly evident in our numbers and are testament to the Group’s overall recovery. We will continue supporting our business lines, all of which continue to progress positively in the strengthening market environment." Dubai Holding is managed through two business groups: Dubai Holding Commercial Operations Group (DHCOG) and Dubai Holding Investment Group (DHIG). DHCOG develops and manages world-class commercial and residential real estate, telecommunications and hospitality investments, and DHIG manages Dubai Holding’s financial assets in banking, insurance and private equity .

DHCOG’s four operating units are: Jumeirah Group (operator of world-class hotels and destination resorts), TECOM Investments (the developer and manager of signature business parks, creates tax-advantaged environments for companies to establish and grow), Dubai Properties Group (develops and manages mixed-use real estate projects), and Emirates International Telecommunications (actively manages a portfolio of telecom assets regionally and globally).

DHIG’s businesses include: Dubai Group: A diversified financial services company, focusing on banking, investments and insurance in developing markets, and Dubai International Capital: A private equity company with an investment focus on Middle the East and Europe.

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