Author: Investment Corporation of Dubai

• Portfolio Grows 1.7% to AED 858.9 Billion

Investment Corporation of Dubai (ICD) announced its consolidated financial results for the six month period ended 30 June 2018 having achieved Revenues of AED 115.1 Billion and Net Profit of AED 10.0 Billion.

Revenue increased to AED 115.1 Billion, rising 23.4 per cent from the comparable prior year period. Revenues grew across all operating segments with the largest increases in Oil and Gas and Transportation Services.
Net Profit reached AED 10.0 Billion, down 3.0 per cent from the comparable prior year period and Net Profit attributable to the equity holder of ICD was AED 7.5 Billion. Net Profit benefited from continued strength in Banking and Financial Services which offset headwinds in Transportation Services due to increased fuel prices and the strength of the US Dollar.

Assets increased to AED 858.9 Billion, rising 1.7 per cent from year end 2017, primarily resulting from an increase in loans and receivables in Banking and Financial Services and growth in Transportation Services. Liabilities increased to AED 631.5 Billion, rising 2.4 per cent from year end 2017, primarily resulting from higher customer deposits in Banking and Financial Services. ICD’s share of Equity was AED 189.9 Billion at the end of first half 2018.

His Excellency (HE) Mohammed Ibrahim Al Shaibani, Executive Director and CEO, Investment Corporation of Dubai said: “ICD’s financial results in the first half of 2018 reflect the resilience and continued growth of its portfolio companies.” He added, “ICD remains focused on investing in opportunities that will deliver long-term growth and contribute to the prosperity of Dubai.”

• Assets growth by 9.7% to record AED 844.3 Billion

Investment Corporation of Dubai (ICD) announced its consolidated financial results for the year ended 31 December 2017, delivering record Revenues of AED 200.9 Billion and an improved Net Profit of AED 24.6 Billion.

Revenues increased to AED 200.9 Billion, an increase of 13.8 per cent from the prior year period, supported by higher revenues in the Oil and Gas and Transportation Services segments and the effect of new acquisitions.

Net Profit reached AED 24.6 Billion, rising 11.6 per cent from the prior year period, reflecting the improved performance of the Transportation Services segment and the strong earnings contribution from the Banking and Financial Services segment. Profit attributable to the equity holder of ICD was AED 20.2 Billion, an increase of 12.4 per cent from the prior year period.
Assets increased to AED 844.3 Billion, rising 9.7 per cent, and liabilities increased to AED 616.8 Billion, rising by 10.0 per cent from the year-end position in 2016. Increases in assets and liabilities were driven by the acquisition of an aircraft leasing business and increased lending and customer deposits activities in the Banking and Financial Services segment. ICD’s share of Equity increased by 9.4 per cent to AED 190.0 Billion from the year-end position in 2016.

H.E. Mohammed Ibrahim Al Shaibani, Executive Director and CEO, Investment Corporation of Dubai commented: “We are pleased today to be posting record numbers for both our Revenues and size of Assets. In 2017 the portfolio of ICD delivered a strong financial and operational performance despite challenging market conditions impacted by an increase in interest rates and currency volatility. These results reflect the continuous focus of ICD on growing its key businesses and achieving meaningful operational efficiencies that will support long-term growth and contribute to the prosperity of Dubai.”

• PORTFOLIO GROWS TO AED 786.8 BILLION
• ANNOUNCES EARLY REPAYMENT OF AED 5.5 BILLION OF ICD BORROWINGS

Dubai – November 2017 – Investment Corporation of Dubai (ICD) announced its consolidated financial results for the six month period ended 30 June 2017 having achieved Revenues of AED 93.2 Billion and Net Profit of AED 10.3 Billion.

Revenues increased to AED 93.2 Billion, rising 13.1 per cent from the prior year period. Revenues grew across all operating segments with the largest increases in Oil and Gas and Transportation Services.

Net Profit reached AED 10.3 Billion, rising 0.3 per cent from the prior year period and Net Profit attributable to the equity holder of ICD was AED 8.3 Billion, rising 0.6 per cent. Net Profit benefited from higher commodity prices in Oil and Gas and Industrial operations and continued strength in Banking and Financial Services which offset pressure on yields in Transportation Services.

Assets increased to AED 786.8 Billion, rising 2.2 per cent from year end 2016, primarily resulting from an increase in loans and receivables in Banking and Financial Services and the acquisition of ALEC Engineering & Contracting. Liabilities increased to AED 572.1 Billion, rising 2.1 per cent from year end 2016, primarily resulting from higher customer deposits in Banking and Financial Services. The Equity attributable to the equity holder of ICD was AED 178.0 Billion, rising 2.5 per cent from year end 2016.

His Excellency (HE) Mohammed Ibrahim Al Shaibani, Executive Director and CEO, Investment Corporation of Dubai said: “In the first half of 2017 the portfolio of ICD continued to deliver strong operating and financial results and steady growth. ICD remains focused on expanding its capabilities and investing in opportunities that will support long-term growth and contribute to the prosperity of Dubai.”

Records Annual Net Profit of AED 22.1 Billion

Investment Corporation of Dubai (ICD) announced its consolidated financial results for the year ended 31 December 2016 demonstrating robust Revenues of AED 176.3 Billion and a Net Profit of AED 22.1 Billion.  These results were achieved against a backdrop of lower oil and commodity prices, a strong US Dollar against other major currencies, and global economic uncertainty.

Assets increased to AED 769.9 Billion, rising by 6.9 per cent from the year end position in 2015, primarily resulting from an increase in loans and receivables in the Banking and Financial Services segment and aircraft fleet upgrades in the Transportation Services segment.  Liabilities increased to AED 560.5 Billion, rising by 7.0 per cent from the year end position in 2015, resulting primarily from higher customer deposits in the Banking and Financial Services segment.  The Group’s share of Equity increased by 7.2 per cent from the year end position in 2015, as a result of operating profits.

Revenues were steady at AED 176.3 Billion, a decrease of 0.5 per cent from the prior year and Net Profit was AED 22.1 Billion, a decrease of 19.6 per cent from the prior year.  Net Profit attributable to the equity holder of ICD was AED 18.0 Billion, a decrease of 21.4 per cent from the prior year. The decrease in Net Profit was primarily driven by the impact of increased competitive pressure on yields in the Transportation Services segment and the comparison with a prior year gain on Discontinued Operations resulting from the sale of Standard Aero Inc.

“In 2016 the portfolio of ICD demonstrated resilience by delivering a strong operational and financial performance despite challenging market conditions,” commented H.E. Mohammed Ibrahim Al Shaibani, Executive Director and CEO, Investment Corporation of Dubai.  “ICD remains focused on expanding its capabilities and investing in opportunities that will support long-term growth and enhance the prosperity of Dubai.”

• The 10-year Sukuk Was 3x Oversubscribed
• 42% Subscription From International Accounts Based Outside of the Region

Investment Corporation of Dubai has successfully completed the issuance of a $1 Billion 10-year sukuk. The sukuk was well received by regional and international investors, generating orders that exceeded $3 Billion.

The $1 Billion sukuk will be listed on the Nasdaq Dubai exchange. It is the first sukuk to be issued from the region in 2017 and the second for ICD, following its debut sukuk issue in 2014.

International investor participation was robust with 26% of the issuance subscribed for by investors based in the United Kingdom and Europe and 15% by investors based in Asia. Regional investor participation consisted of 58% of the total subscription with the remaining 1% from investors based in the rest of the world.

His Excellency Mohammed Al Shaibani, Executive Director and CEO of ICD, said: “The interest and broad participation in the issuance demonstrates continued investor confidence in ICD’s ability to deliver on its mandate of providing a strong and stable foundation that supports the ongoing success of Dubai.”

Principal Investment Arm of the Government of Dubai Grows its Portfolio to AED 736.8 Billion

Investment Corporation of Dubai (ICD) announced its consolidated financial results for the six month period ended 30 June 2016 showing Revenues of AED 82.5 Billion and a Net Profit of AED 10.3 Billion. These results are achieved against a backdrop of lower oil and commodity prices, a strong US dollar against other major currencies, and lackluster global economic growth.

Revenues decreased by 7.8 per cent and Net Profit decreased by 19.4 per cent from the comparable period ended 30 June 2015. Net Profit attributable to the equity holder of ICD was AED 8.2 Billion, a decrease of 23.2 per cent from the comparable period ended 30 June 2015.

Assets increased to AED 736.8 Billion, rising by 2.3 per cent from the year end position in 2015, primarily resulting from an increase in loans and receivables at its banking subsidiary, the acquisition of the Porto Montenegro, and the acquisition of ground handling businesses by a subsidiary. Liabilities increased to AED 538.0 Billion, rising by 2.7 per cent from the year end position in 2015, owing primarily to higher customer deposits at its banking subsidiary. The Group’s share of Equity increased by 1.3 per cent from the year end position in 2015, chiefly as a result of operating profits.

“ICD portfolio companies continued to show resilience despite difficult international macro economic conditions which resulted in slower global growth for the period,” commented H.E. Mohammed Ibrahim AlShaibani, Executive Director and CEO, Investment Corporation of Dubai. “Economic headwinds and market uncertainties are the challenges that every successful investment strategy will ride to arrive at its long-term objectives,” he added. “As a Group we remain focused on the long-term, and continue to seek compelling local, regional, and global investment opportunities that are synergistic with our existing holdings, and that support the continued growth and prosperity of Dubai.”

Principal Investment Arm of the Government of Dubai Grows its Portfolio to AED 720.1 Billion

Investment Corporation of Dubai announced a rise in its Profit from Continuing Operations for the year ended 31 December 2015 to AED 25.2 Billion, an increase of 12.8 per cent from AED 22.3 Billion recorded in the prior year.

Revenues totaled AED 177.4 Billion, a decrease of 7.6 per cent primarily due to the impact of lower oil prices on revenues at ENOC. This decrease was more than offset by a reduction in Cost of Revenues which declined by 13.8 per cent. As a result, Gross Profit reached AED 42.2 Billion, an increase of 19.8 per cent that was primarily driven by lower unit costs at Emirates, improved margins at ENOC and a lower cost of funding at Emirates NBD.

Net Profit for the year totaled AED 27.5 Billion of which Net Profit attributable to the equity holder of ICD was AED 22.9 Billion, a decrease of 3.7 per cent from AED 23.8 Billion. The prior year results had benefited from a significant one-time gain in Discontinued Operations as a result of the successful transfer of Dubai Aluminium to EGA.

Commenting on the Group’s performance, His Excellency Mohammed Al Shaibani, Executive Director and CEO, said: “ICD’s strong financial results in 2015 are a reflection of the robust performance of our portfolio companies. We remain committed to achieving excellence in our performance and maintain a focus on diversifying our portfolio in the key strategic sectors in line with ICD’s mandate to support the continuing development of Dubai.”

Assets grew to AED 720.1 Billion, rising by 7.1 per cent from the year end position in 2014. The growth primarily resulted from an increase in loans and receivables at Emirates NBD, the inclusion of the assets of newly acquired companies and the purchase of new aircrafts by Emirates.

Liabilities increased to AED 523.8 Billion, rising by 8.6 per cent from the year end position in 2014. The increase primarily resulted from higher customer deposits at Emirates NBD, additional borrowings by subsidiaries and the inclusion of the liabilities of newly acquired companies.

The Group’s share of Equity increased by 6.6 per cent from the year end position in 2014 primarily as a result of operating profits.