Investment Corporation of Dubai Records Net Profit of AED 10.3 Billion in First Half 2016
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.”
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