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