Investment Corporation of Dubai announces record Revenues, Net Profit, Assets and Equity.
Record Net Profit for the 6-month period2023 of AED 28.3Billion.
Record Assets of AED 1.25Trillion.
Dubai – 23 November2023 – ICD announced today its consolidated financial results for the six-month period ended 30June 2023having generated record Revenues of AED 145.1 Billion and a record Net Profit of AED 28.3 Billion.
Revenues reached a record AED 145.1Billion, up20 percent with an increaseof AED 24.0 Billion compared to the prior year period, due to the significant rise in travel andtourism activities reflected in the Transportation and Other segments, and a jump in Banking & Financial Services revenues on higher interest ratesand strong lending growth. Overall, revenues increasedfaster than operational costs, boosting margins.
The Group (ICD) reported a record Net Profit of AED 28.3Billion, up 91 percent with Banking and Financial Services’ and Transportation’s respective contributions soaring by AED 8.2 Billion and AED 7.7 Billion. Real estate and hospitality activities also displayed strong performance, whilst lower commodity prices reduced profitability in Oil & Gas and aluminium production from their prior period records.
The Net Profit attributable to the equity holder was AED 22.6 Billion.
Assets grew 6.5 percent, reaching a record AED 1,252.9 Billion primarily driven by the growth of Banking assets. Liabilities increased to AED 974.5 Billionon much higher Banking customer deposits whilst Non-Banking borrowings and lease liabilities reduced by 5.7 per cent. The Group’s share of Equity increased by 4.2 per cent rising to a new record of AED 225.7 Billion.
H.E. Mohammed Ibrahim Al Shaibani, Managing Director, Investment Corporation of Dubai, commented: “The Investment Corporation of Dubai announced todayanother set of record resultsfor the first half period of 2023 and a very impressiveachievement overall. The Group saw its activity accelerate, lifting revenue and profitability to new heights, with very solid performances across sectors and exceptional contributions from Transportation and Banking and Financial Services.
The Group clearly benefited from the strong economic momentum the Emirate is experiencing thanks to the vision and anticipation from the Leadership.
Looking forward, the proven agility of our businesses and strength of the Group’sfinancial position will help weather the uncertain global economic outlook. We remainconfident in the Group’s ability to identify new investment opportunities and expand its commercial activities.”
ENDS
Investment Corporation of Dubai
Investment Corporation of Dubai (ICD) is the principal investment arm of the Government of Dubai. It was established in May 2006 by decree (11) of 2006 and mandated with the consolidation and management of the Government of Dubai’s portfolio of commercial companies and investments. ICD was also assigned the provision of strategic oversight to portfolio companies through the development and implementation of effective corporate governance policies, and sound investment strategies. ICD is focused on maximizing stakeholder value for the long-term benefit of the Emirate.
ICD’s portfolio comprises some of Dubai’s most recognized companies, and represents a cross-section of vital economic sectors that the Government of Dubai has deemed strategic for the continued development and growth of the Emirate. The sectors include financial services, transportation, energy and industry, real estate and construction, hospitality and leisure, retail, and other holdings. In addition, ICD has embarked on a disciplined and sustainable strategy of global investments, which are synergistic with its existing portfolio, to extend Dubai’s presence and expertise into international markets.
For more information, please visit: http://www.icd.gov.ae/
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