The Group announces its best-ever performance, well above last year’s record

Record Net Profit for the Year 2023 of AED 60.8 Billion
Record Assets of AED 1.32 Trillion

ICD (Investment Corporation of Dubai) announced today its consolidated financial results for the year ended 31 December 2023 having generated record Revenues of AED 310.2 Billion and a record Net Profit of AED 60.8 Billion, representing an exceptional achievement surpassing last year’s earnings.

Revenues reached a record AED 310.2 Billion, up 16 per cent with an increase of AED 42.8 Billion compared to the prior year, driven primarily by significantly higher passenger traffic in Transportation as well as the asset growth and higher interest rates in Banking and Financial Services. Oil & Gas revenues declined as global oil prices retreated from their 2022 peak. Overall revenues grew faster than operational costs, boosting margins.

The Group reported a record Net Profit of AED 60.8 Billion, up 68 per cent with an increase of AED 24.6 Billion predominantly from Transportation, up 119 per cent, and Banking and Financial Services, up 69 per cent, lifting their Net Profit to new highs. The strong momentum in real estate and hospitality sectors contributed to the record profits posted by many businesses in the Group. Oil & Gas and aluminium production generated good profits, albeit lower than last year.

The Net Profit attributable to the equity holder was AED 50.3 Billion, up 69 per cent.

Assets reached a new record of AED 1,322.1 Billion, up 12 per cent or AED 145.3 Billion, and Liabilities AED 1,011.3 Billion, up 11 per cent, primarily pushed by the 16 per cent asset growth in Banking. Non-banking operations grew their assets up by 5 per cent whilst reducing their indebtedness. The Group’s share of Equity increased by AED 21.4 Billion, rising to a record of AED 237.9 Billion.

H.E. Mohammed Ibrahim Al Shaibani, Managing Director of ICD, commented:

”ICD announced today its best-ever performance, a truly exceptional achievement as the Group posted, for the third consecutive year, tremendous growth and reached an unparalleled level of revenue and profitability, primarily driven by airlines and banking sectors.

The strong regional economic momentum and increased competitiveness of our businesses created an effect of scale resulting in higher margins and performance of our portfolio companies operating in the Transportation, Banking and Financial Services, and Other segments.

Overall, the improved liquidity, asset quality, and the reduced leverage in non-banking operations further strengthened the Group’s financial position; Assets and Equity reached new records.

As we continue to pursue growth and diversification, I am confident our businesses’ resilience and strength as well as ICD’s investment strategy will help us fulfil our mandate to maximise value for Dubai.

This year, as in every year, the Group’s achievements would not have been possible without the counsel and guidance of Dubai’s eminent Leadership. We would like to express our gratitude to His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Board of ICD, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Vice-Chairman of ICD for their tireless and invaluable support. We would also like to extend our thanks to the other members of our Board of Directors, and also to ICD management and employees.”