Dubai Metro : Complete online information
Mar 26, 2017
  GoDubai Daily News
 Home
 UAE
 Middle East
 Asia
 World
 Business
 Sports
 Entertainment

Dubai Metro : Complete online information

  Go Dubai Services
 Daily Horoscope
 Tip of the day
 Recipe of the day
 Joke of the day
 Weather
 Events (UAE)
 Press releases
 Prayer timings
 Opinion poll

Want to know the cheapest airfare to your dream destination?

Ask Our Travel Experts

Other Experts

  • Medical Doctors
  • Alternative Therapists
  • Finance Consultant
  • Real Estate Agents
  • Computer Experts
  • Beauty Therapists
  • Auto Expert
  • Seeking Experts
  •   Business
    Dubai Holding unit’s profit jumps

    DHCOG’s 2013 earnings surge 177% to Dh3.3 billion, revenues hit Dh11.6 billion

    Dubai Holding said on Sunday its flagship business unit has nearly trebled 2013 net profit on the back of 27 per cent jump in revenues.

    Net profits of Dubai Holding Commercial Operations Group (DHCOG) surged by 177 per cent to Dh3.3 billion as total revenues hit Dh11.6 billion, the Dubai-based global investment holding company said in a statement. As DHCOG, which runs four businesses operating in 24 countries, continued to grow, delivering strong top and bottom line results, its total assets reached Dh116 billion.

    DHCOG said it had serviced all public and bank debts and repaid them upon maturity, negotiated settlements with contractors and made timely payments, and continued development of infrastructure and construction, to hand over completed units to its customers. This has resulted in reduction of these liabilities from Dh36.7 billion in 2009 to Dh19.2 billion in 2013.

    DHCOG has made remarkable progress in managing its public and bank debts and has achieved an eight per cent annual reduction from Dh15.2 billion in 2009 to Dh10.9 billion in 2013. The group’s debt-to-equity ratio dropped from 1.04 in 2009 to 0.6 in 2013, well within the optimal range and industry norms.

    UAE Minister for Cabinet Affairs Mohammad Abdulla Al Gergawi, who is also the chairman of Dubai Holding, said with Dubai’s economy enjoying renewed business confidence across many of its core market segments, Dubai Holding’s businesses are playing an important role in driving that market sentiment as well as benefitting from it.

    “The group remains fully committed to delivering long-term economic growth and the development of key industries in line with Dubai’s diversification strategy,” he said.

    Ahmad bin Byat, chief executive officer of Dubai Holding, said over the past few years, DHCOG has focussed its efforts to ensure that we are able to meet our financial obligations when due.

    “Our tough strategic decisions have paid off and in 2013 DHCOG tripled net profits, with its core commercial operations generating improved recurring and sustainable revenues. The group continues to play a significant role in the development of Dubai’s cityscape bringing high quality residential, commercial and tourism infrastructure meeting the demands of a fast growing city,” said Byat.

    He said the group’s hospitality arm is one of the very few homegrown brands that have achieved significant success internationally. “At the same time, it is also encouraging to see that international businesses continue to choose DHCOG’s platform of business parks to establish their base in the region. We will continue to deliver pivotal projects to address new market opportunities and ensure Dubai remains the Middle East’s primary business and tourism hub.”

    DHCOG said it concluded the year with a healthy cash balance of Dh3.9 billion. The group’s consistently solid operating performance, strong cash flows, bond and debt repayments led Moody’s Investors Service to upgrade and assign a positive outlook to all of DHCOG’s ratings.

    (Khaleej Times)

     
    Email this article Print this article Discuss this article
     
     
    Back to Business Main page >>

    How to be a soccer fan in the age of austerity

    GDANSK - Couch-surfing, a junk-food diet, bootleg kits, budget flights at punishing hours, and above all enough passion for the beautiful game to remind yourself why you endure this.
    Welcome to the life of a football fan in the age of austerity. <...
    What’s behind road deaths?

    Road accident fatalities in 2013 stood at 651. Mathematically speaking, a little less than two lives were lost every day. While this number is lesser than the 720 deaths in 2011, it is by no means acceptable.
    Pick up any newspaper over the past ...
     
    Dubai Metro : Complete online information
     


    Dubai Q1 trade hits Dh326b
    Boeing expected to deliver more aircraft in Middle East this year
    Majid Al Futtaim plans new mall in Dubai
    Emaar first quarter profit climbs 55%
    Cash buyers buoy UAE real estate market
    Etisalat offers shared data plans for business customers
    Dubai Holding unit’s profit jumps
    Emaar Properties launches ‘Samara’ villas
    Expo 2020 boosts growth, investment opportunities
    Nakheel eyes Dh8 billion new projects
    Empower acquires Palm Utilities in $500m deal
    China may overtake US as No. 1 economy
    Dubai Investments exports rocket 129% in last 5 years
    UAE equities to stay bullish
    Dubai foreign trade crosses Dh1 trillion
    Expo win inspiring Dubai Financial Market
    Dubai looks all set to enjoy heightened investor interest
    Dubai to hike spending 11%
    Dubai to lead Islamic economy
    Islamic economy summit begins today
    UAE jumps in IDI ranking
    Dubai tracks new levels of growth
    More housing units in Dubai
    UAE job market rebounds
    Safe haven status helps Dubai real estate recover
    Islamic finance industry is fastest growing sector

     
    © 2004 GoDubai.com
    All Rights Reserved.
    Terms under which this service is provided to you.
    Read our privacy guidelines.
    Contact our advertising team for advertising /promotions and
    sponsorship on GoDubai.com