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