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

  • 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.”

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