Total assets as on June 30, 2014 stood at AED 13.5 billion, while net worth increased to AED 9.6 billion.The annualized return on share capital achieved for the period was also higher at 42.1%, compared to 21.5% for the full year of 2013.
During the period, DI divested 66% equity stake in its wholly-owned pharmaceutical subsidiary Globalpharma Co. LLC [Globalpharma] to an investor group led by Sanofi, a leading global healthcare company. The transaction contributed a profit of AED 472 million to DI, representing realized gain on disposal of controlling interest of AED 296 million and fair value gain on the retained investment of AED 176 million.
Mr. Khalid Bin Kalban, Managing Director and CEO of Dubai Investments, said: “We are quite pleased with the way 2014 has progressed so far. In Q1 2014, DI concluded a historic USD 300 million Sukuk issuance and now in Q2 we have successfully concluded a strategic divestment of 66% interest in Globalpharma. These transactions have reinforced our position as a major player in the UAE business landscape and have placed us in a good position to capitalize on the available opportunities, and create further value for our shareholders.”
“Our divestment in Globalpharma was well-timed as we capitalized on the rapid growth in the pharmaceutical sector in the region. With the direction and backing of DI, the management executed a successful strategy and created an opportunity for a lucrative divestment,” Mr. Kalban added.
DI owns around 35 subsidiaries and joint ventures encompassing a diverse range of sectors including manufacturing of construction-related materials, fast moving consumer goods, pharmaceuticals, industrial and commercial properties, real estate management and property development, information technology solutions, driver education, district cooling and financial investments.