Dubai Investments PJSC

DIC.AE

Conglomerates · Industrials

Price

3.70 AED

+0.05 (+1.37%)

Market Cap

15.73B AED

Exchange

Dubai Financial Market

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Exceptional

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Winston Score History

The full picture

Dubai Investments PJSC is a large conglomerate based in Dubai, United Arab Emirates. It owns stakes in over 40 companies across industries including real estate, manufacturing, financial services, and healthcare. Its customers range from property buyers and industrial clients to businesses and individual consumers across the UAE and the broader Middle East.

The company makes money through a mix of rental income, property sales, dividends from its subsidiaries, and revenues from its manufacturing and services businesses. It operates primarily in the UAE, with some exposure to other Gulf Cooperation Council markets, and its diversified portfolio across many sectors gives it some protection when any single industry slows down. However, its relatively low return on invested capital of 3.5% suggests the business struggles to generate strong profits from the large amount of capital it deploys, and its performance remains closely tied to the health of Dubai's real estate market and broader regional economic conditions.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+41.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 AED/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

29.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

17.7B AED cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Dubai Investments PJSC is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 4.25B (2021) → 4.25B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

39.2%

Modest — 39.2% gross margin

Profit after running costs

Operating Margin

21.7%

Excellent — 21.7% operating margin

Return on the money invested

ROCE

4.0%

Weak — 4.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+6.8%

Slow sales growth (+6.8% YoY)

Profit growth

EPS YoY

+28.1%

Earnings growing fast (+28.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

78%

Modest — 78% of profit becomes cash

Spare cash per sale

FCF Margin

30.7%

Converts sales into free cash efficiently (30.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.42

Conservative — low debt load (0.42)

Covers its interest

Interest Cover

2.29x

Tight — interest eats into profit (2.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

9.5x

Attractive valuation — P/E 9.5

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-15.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

6.85%

Healthy income — 6.85% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+81.3%

Dividend growing fast (81.3% YoY)

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