Recent Research

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  FIRST LOOK NOTES

  12 Aug 2025

  Dubai Investments Company (DIC...

  HOLD

  Last Closing Price

  2.88

  Target Price

  2.80

  Upside (%)

  -2.78%

  UAE Equity Research - Dubai Investments PJSC (DIC) 2Q25 - First Look Note

  Income from the Manufacturing and Contracting Segment grew 23.9% YOY to AED 359 Mn in 2Q25, mainly attributable to higher sale of goods and services and contract revenue. Income from the Investments segment fell substantially from AED 109 Mn in 2Q24 to AED 51 Mn in 2Q25, due to lower gains on investments.

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• 

  FIRST LOOK NOTES

  13 May 2025

  Dubai Investments Company (DIC...

  HOLD

  Last Closing Price

  2.35

  Target Price

  2.40

  Upside (%)

  +2.13%

  UAE Equity Research - Dubai Investments PJSC (DIC) 1Q25 - First Look Note

  Income from the Manufacturing and Contracting Segment grew 21.7% YOY to AED 352 Mn in 1Q25, mainly attributable to higher sale of goods and services and contract revenue.

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• 

  FIRST LOOK NOTES

  18 Mar 2025

  Dubai Investments Company (DIC...

  HOLD

  Last Closing Price

  2.36

  Target Price

  2.40

  Upside (%)

  +1.69%

  UAE Equity Research - Dubai Investments PJSC (DIC) 4Q24 - First Look Note

  Income from the Property Segment grew 68.8% YOY to AED 1.3 Bn in 4Q24, mainly attributable to higher gains on fair valuation of investment properties. Violet Tower project is steadily progressing with expected completion by 4Q26.

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• 

  FIRST LOOK NOTES

  20 Nov 2024

  Dubai Investments Company (DIC...

  BUY

  Last Closing Price

  2.09

  Target Price

  2.40

  Upside (%)

  +14.83%

  UAE Equity Research - Dubai Investments Company (DIC) 3Q24 - First Look Note

  Income from the Investment Segment grew 224.1% YOY to AED 112 Mn in 3Q24, mainly attributable to higher gains on fair valuation of investments. Development of Phase 1 of the Danah Bay project progressed as planned in 3Q24 and is anticipated to be completed by 1Q25.

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• 

  FIRST LOOK NOTES

  12 Oct 2024

  Dubai Investments Company (DIC...

  BUY

  Last Closing Price

  2.02

  Target Price

  2.40

  Upside (%)

  +18.81%

  High property sales and fair valuation gain on investment property from boosted profit

  DIC’s net profit, excluding a one-off gain on the fair value of investment properties, rose 78.1% YOY to AED 183 Mn in 2Q24.

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• 

  FIRST LOOK NOTES

  28 May 2024

  Dubai Investments Company (DIC...

  BUY

  Last Closing Price

  2.11

  Target Price

  2.47

  Upside (%)

  +17.06%

  Lower revenue and rising operating expenses impacted profitability

  Dubai Investment PJSC (DIC) net profit declined from AED 314 Mn in 1Q23 to AED 120 Mn in 1Q24, lower than our estimate of AED 200 Mn.

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