Significant turnaround in profitability with a Net Profit for the Year 2021 of AED 10.1Bn

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  • Resilient balance-sheet remains above AED 1 Trillion

ICD announced today its consolidated financial results for the year ended 31 December 2021 having generated Revenues of AED 169.4 Billion and reported a Net Profit of AED 10.1 Billion, a significant turnaround from last year as business recovery accelerated.

Revenues were AED 169.4 Billion, up 24.5 per cent compared to the prior year period, driven primarily by rallying commodities prices in Oil & Gas, higher levels of activity in Transportation, and strong momentum in the Other segment as global travel restrictions gradually eased. Expo 2020 Dubai also acted as a catalyst for the recovery.

The Group reported a Net Profit of AED 10.1 Billion reflecting a large positive swing in profitability, with improvements across all segments, helped primarily by revenue growth, rigorous cost discipline, and lower impairments in the Banking, Real Estate, and Hospitality sectors. Aluminium production operations also contributed materially to these results.

The Net Profit attributable to the equity holder was AED 5.5 Billion.

The balance-sheet remained above AED 1 Trillion, with Assets and Liabilities down 1 per cent respectively to AED 1,101.1 Billion and AED 862.7 Billion, primarily due to lower Banking balances offsetting the growth of non-Banking operational balances, and a cautious approach to CapEx deployment.

The Group’s share of Equity decreased by 1 per cent to AED 190.6 Billion.

H.E. Mohammed Ibrahim Al Shaibani, Managing Director, Investment Corporation of Dubai, commented: “In 2021, the ICD Group saw the overall level of activity of its businesses increase materially and profitability bounce back. Whilst good progress was made during the earlier part of the year despite the virus variant disruptions, the second part of the year saw a much stronger recovery helped by the easing of global travel restrictions and the positive impact of the hosting of Expo 2020 Dubai.

Our portfolio companies reaped the benefits of the steps taken earlier during the pandemic to protect their businesses, adapt their models, and enhance cost-effectiveness. The proactive measures taken by the UAE government and the leadership of Dubai to manage the effects of the pandemic contributed meaningfully to Dubai’s strong economic rebound and in making Dubai an even more attractive place to live and work.

Our balance-sheet stayed resilient despite the significant volatility of the global economy. We are proud to see the progress made by our organisation in terms of recovery and are confident that the Group is well-positioned to benefit further from new opportunities.”

Significantly improved results with a profit of AED 1.4 Billion for the first half of 2021

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  • Resilient balance-sheet with assets staying over AED 1 Trillion.

ICD announced today its consolidated financial results for the six month period ended 30 June 2021 having generated Revenues of AED 75.2 Billion and recognised a Net profit of AED 1.4 Billion, achieving significantly stronger performance than the first half of last year despite the uneven global economic recovery.

Revenues were AED 75.2 Billion, 2 per cent higher compared to the prior year period, with a material increase in Oil & Gas operations and good momentum in the Other segment, together exceeding the drop seen in Transportation and Banking & Financial Services.

The Group reported a Net Profit of AED 1.4 Billion, a significant turnaround from last year, with improvement across all segments supported by higher levels of activity in some key sectors, an overall strong cost discipline and lower impairment charges. The majority of the Group’s profit came from Banking & Financial Services, Oil & Gas, and aluminium production. Transportation reduced its losses despite ongoing COVID-19 travel restrictions.

The results attributable to the equity holder were a Net Loss of AED 0.9 Billion.

Assets were AED 1,108.0 Billion and Liabilities AED 874.8 Billion, essentially flat compared to year-end 2020. The Group’s share of Equity decreased by 3.7 per cent to AED 185.5 Billion.

H.E. Mohammed Ibrahim Al Shaibani, Managing Director, Investment Corporation of Dubai, commented: “Focused on our objectives, the ICD Group produced a much better performance than last year despite the slow lifting of global travel restrictions impacting some of our key activities. We made significant progress on our return to profitability, reaping the benefits of efficient cost management, and rallying commodity prices and financial markets. The recovery was also assisted by the continued support from the Government to businesses. As economies gradually re-open and business sentiment improves, we are confident that the ICD Group is well positioned to benefit from the more favourable economic environment.”

Resilient operations and Balance-Sheet during a year of unprecedented challenges, with Assets keeping over the AED 1 Trillion mark.

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  • Net Loss of AED 15.5 Billion for the year 2020 due to global pandemic impact on Group’s results

ICD announced today its consolidated financial results for the year ended 31 December 2020 having generated Revenues of AED 136.1 Billion and reported a Net loss of AED 15.5 Billion as the Covid-19 global crisis significantly affected its operations.

Revenues were AED 136.1 Billion, a 40.3 per cent decrease from the prior year, with material drops in Transportation and Oil & Gas revenues, and flat income in Banking and Financial Services (helped by a full year contribution from DenizBank A. Ş . as part of EmiratesNBD).

The Group reported a Net Loss for the year of AED 15.5 Billion, with losses primarily from Transportation, and to a lesser extent, Hospitality activities, and profits mostly coming from resilient Banking and Financial Services operations.

The pandemic restrictions imposed across the globe affected all travel, hospitality, retail and real estate activities to various degrees and contributed to a material decline in the price and demand for oil.

The Net Loss attributable to the equity holder was AED 18.9 Billion.

Assets were down 1.0 per cent from the year-end 2019 to AED 1,110.6 Billion, whilst Liabilities were essentially flat at AED 869.3 Billion. The Group’s share of Equity decreased by 5.9 per cent to AED 192.6 Billion. “Despite the severe effect of the pandemic on the Group’s revenue and profitability, ICD was able to secure a solid Balance-Sheet, sustainable operations and financial stability in 2020 owing to proactive steps taken by the Group. From the outset and as the pandemic raged on, the Group focused on preserving the continuity of its businesses and safe operations for their employees and customers. As the global crisis continued, the Group entities regularly reviewed the adequacy of their plans, reducing costs and adapting their model, said H.E. Mohammed Ibrahim Al Shaibani, Managing Director, Investment Corporation of Dubai. “Several of the Group entities benefited from the timely decisions taken by our Shareholder, the Government of Dubai in response to the pandemic and our businesses are today strongly positioned to seize the opportunities presented by global economic activities now gaining momentum with the international vaccine roll-out,” continued H.E. Al Shaibani.

Revenues decreased to AED 73.7 Billion for the First Half of 2020 due to the global pandemic

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  • Balance-sheet shows resilience with Assets staying over AED 1 Trillion

ICD today announced its consolidated financial results for the six month period ended 30 June 2020 having generated Revenues of AED 73.7 Billion and recognised a Net loss of AED 9.4 Billion as the Covid-19 global crisis significantly affected its operations.

Revenues were AED 73.7 Billion, a 31 per cent decrease compared to the prior year period, with material drops in Transportation and Oil & Gas revenues partially offset by higher income in Banking and Financial Services including DenizBank A.S., the bank acquired by EmiratesNBD in the second half of 2019.

The Group reported a Net Loss of AED 9.4 Billion, with the majority of the losses coming from the Transportation segment, and to a lesser extent, hospitality activities in the Other segment, offset by a resilient profit contribution from Banking and Financial Services. The pandemic related restrictions imposed by governments across the globe to fight the virus spread affected all travel, hospitality, retail and real estate activities to various degrees. It also reduced the demand for oil products and depressed prices further over the period.
The Net Loss attributable to the equity holder was AED 11.4 Billion.

Assets were down 1 per cent from the year end 2019 to AED 1,107.7 Billion, whilst Liabilities were AED 869.5 Billion, remaining at similar levels to 2019. The Group’s share of Equity decreased by 6.4 per cent to AED 191.5 Billion.
H.E. Mohammed Ibrahim Al Shaibani, Managing Director, Investment Corporation of Dubai, commented: “The Covid-19 health crisis has had a severe impact on our key businesses. The drop in revenues was sudden and of a magnitude unseen before. However, all our portfolio companies actively engaged in significant efforts to reduce costs, preserve liquidity and adapt operations. Our shareholder and Government authorities also showed strong support and took decisive steps to help businesses throughout the crisis and certain of our key businesses benefited from this. As the crisis abates, we look forward to the re-opening of the global economy, confident that our companies will seize opportunities and bounce back, having preserved their competitive edge despite this unprecedented ordeal.”

Net Profit for the year 2019 increased by 16.9% to AED 25.0 Billion

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  • Assets grew over the AED 1 Trillion mark and reached a record AED 1,121 Billion

Investment Corporation of Dubai (ICD) today announced its consolidated financial results for the year ended 31 December 2019 having achieved Revenues of AED 228.0 Billion and a Net Profit of AED 25.0 Billion.
Revenues were AED 228.0 Billion, down by 1.9 per cent, with a drop in Oil and Gas revenues and a marginally lower Transportation income offset by higher income in Banking and Financial Services and in the Others segment. Banking and Financial Services include DenizBank A.Ş., EmiratesNBD’s new acquisition.

Net Profit grew 16.9 percent from the prior year to AED 25.0 Billion including a record contribution from Banking and Financial Services and a strong performance from Transportation. These increases were offset by lower contributions from Oil and Gas and aluminium production. Banking and Financial Services results benefited from an AED 4.4 Billion gain on the partial disposal of Network International Holdings Plc and the fair value measurement of its remaining stake.

Net Profit attributable to the equity holder of ICD was AED 18.0 Billion, an increase of 10.7 per cent compared to the prior year period.

Assets increased to a record AED 1,121.3 Billion, rising 27.5 per cent from the year-end 2018, whilst Liabilities reached AED 869.7 Billion, rising 35.6 per cent, both mainly driven by the acquisition of DenizBank A.Ş., the continued business growth as well as the implementation of new IFRS 16 – Lease accounting rules. The Group’s share of Equity increased by 3.5 per cent to AED 204.6 Billion from the year-end 2018, despite an AED 9.7 Billion one-time adjustment relating to the adoption of IFRS 16.

H.E. Mohammed Ibrahim Al Shaibani, Executive Director and CEO, Investment Corporation of Dubai commented: “In 2019, ICD produced a very solid performance given the considerable challenges faced by the global economy and the effect that these have had on our businesses. The diversification of our activities and their resilience in volatile markets are two significant contributing factors when it comes to delivering consistent performance year-on-year. Moreover, the record asset level reached by ICD, well in excess of the AED 1 Trillion mark, reflects the continued growth achieved by our key businesses over time and the scale of their operations. In 2020, with the significant disruptions arising in the wake of the Covid-19 crisis, we are focused on adjusting our operations to preserve their ability to operate competitively when the health crisis subsides. We remain confident that ICD’s businesses can deliver sustainable returns over the long term for the prosperity of Dubai.”

Net Profit increased by 4.4% to AED 10.5 Billion in First Half of 2019

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  • Total Assets increased 10.4% to a record AED 971.1 Billion

Investment Corporation of Dubai (ICD) today announced its consolidated financial results for the six month period ended 30 June 2019 having achieved Revenues of AED 106.3 Billion and a Net Profit of AED 10.5 Billion.
Revenues were AED 106.3 Billion, a 7.7 per cent decrease compared to the prior year period, resulting primarily from lower oil prices.
Net Profit grew 4.4 per cent to AED 10.5 Billion from the comparable prior year period driven by the higher performance of the Banking and Financial Services and Transportation segments. These increases were partially offset by lower profits in Oil and Gas and aluminium production. Banking and Financial Services results were benefited by an AED 2.1 Billion gain related to the IPO of Network International Holdings plc. Net Profit attributable to the equity holder of ICD was AED 6.9 Billion, a decrease of 8.3 per cent compared to the prior year period.
Assets increased to a record AED 971.1 Billion, rising 10.4 per cent from the year end 2018, whilst Liabilities reached AED 739.3 Billion, rising 15.3 per cent. These increases were driven by the adoption of IFRS 16 new lease accounting rules which added AED 58.5 Billion of Assets and AED 68.2 Billion of Liabilities and by continued business growth. The Group’s share of Equity decreased by 3.7 per cent to AED 190.4 Billion from year end 2018, driven primarily by a AED 9.7 Billion one-time adjustment relating to the adoption of IFRS 16.
H.E. Mohammed Ibrahim Al Shaibani, Executive Director and CEO, Investment Corporation of Dubai commented: “During the first six months of 2019, although not immune to the global growth slowdown and the volatility of key commodities, the ICD Group produced a solid performance showing the resilience of its activities. The diversification of its operations and the focus on improving further efficiencies and growing ICD core businesses helped weather challenging market conditions as ICD continues on its journey towards the realization of its long-term goals for the prosperity of Dubai”.

Principal Investment Arm of the Government of Dubai Grows its Assets by 4.1% to record AED 879.2 Billion

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  • Achieves Record Revenues of AED232.4 Billion, an Increase of 15.7%

Investment Corporation of Dubai (ICD) announced its consolidated financial results for the year ended 31 December 2018 achieving record Revenues of AED 232.4 Billion and a Net Profit of AED 21.4 Billion. These results were achieved against a backdrop of higher oil and commodity input prices, a strong US Dollar against other major currencies, and heightened global economic uncertainty.

Revenues increased to a record AED 232.4 Billion, an increase of 15.7 per cent from the prior year with increases achieved in all key segments and Net Profit was AED 21.4 Billion, a decrease of 13.2 per cent from the prior year. Net Profit attributable to the equity holder of ICD was AED 16.3 Billion, a decrease of 19.7 per cent from the prior year. The decrease in Net Profit was primarily driven by the impact of higher fuel and commodity input prices.
Assets increased to AED 879.2 Billion, rising by 4.1 per cent from the year end position in 2017, primarily resulting from an increase in loans and receivables in the Banking and Financial Services segment. Liabilities increased to AED 641.5 Billion, rising by 4.0 per cent from the year end position in 2017, resulting primarily from higher customer deposits in the Banking and Financial Services segment while borrowings and lease liabilities were flat. The Group’s share of Equity increased by 4.0 per cent from the year end position in 2017, as a result of retained profits.

H.E. Mohammed Ibrahim Al Shaibani, Executive Director and CEO, Investment Corporation of Dubai commented: “In 2018 the portfolio of ICD demonstrated resilience by delivering a strong operational and financial performance despite challenging market conditions and uncertainties. ICD remains focused on growing its key businesses and achieving operational efficiencies that will support long term growth and contribute to the prosperity of Dubai.”

Investment Corporation of Dubai Achieves Net Profit of AED 10.0 Billion in First Half of 2018

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  • 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.”

Principal Investment Arm of the Government of Dubai Achieves Record Revenues of AED200.9 Billion, an Increase of 13.8%

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  • 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.”

Principal Investment Arm of the Government of Dubai Records Net Profit of AED 10.3 Billion in First Half 2017

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  • 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.”