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