Dubai Holding unit says H1 net profit tops $570m

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Dubai Holding Commercial Operations Group (DHCOG), part of a conglomerate owned by the emirate’s ruler, reported a net profit of AED2.1 billion ($571.8 million) for the first half of 2014 on Sunday.

It is the first time that DHCOG has reported mid-year results and the company did not provide any comparative profit figure for the corresponding period of 2013 in its statement.

However, its net profit amount for the whole of last year was AED3.3 billion.

Revenue for the first six months of 2014 was AED5.6 billion, the company said in its statement, again without providing a comparative figure. For 2013, revenue at the company was AED11.6 billion.

DHCOG is part of Dubai Holding, which runs multiple businesses including hotel group Jumeirah, business park TECOM Investments and Dubai Properties Group.

“We are confident that our performance will continue to improve over the second half of the year and we expect our annual net profits to exceed AED4 billion,” Ahmad Bin Byat, CEO of Dubai Holding, said in the statement.

DHCOG said in April that it would repay $319 million of debt more than 18 months early.

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