"Property" is driving the performance
Q1 2017 revenues went slightly down by 1.2% to AED523.294m vs. AED529.575m by the end of March 2016. The net profit decreased by 3% to reach AED288.977m vs. AED297.548m, a year ago. We note that Q1 2016 net profit included a gain of AED186.6m following the disposal of two subsidiaries: Marmum Dairy Farm LLC and its distribution arm, United Sales Partners LLC. On the other hand, the group recorded a gain of AED174.77m following the revaluation of its investment properties.
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