ICD profit hits $6.7bn in 2017

Dubai / WAM

Investment Corporation of Dubai (ICD) has announced its consolidated financial results for year ended December 31, 2017, delivering record revenues of AED 200.9 billion and an improved net profit of AED24.6 billion. Revenues increased to AED200.9 billion, an increase of 13.8 percent from the prior year period, supported by higher revenues in the oil and gas and transportation services segments and the effect of new acquisitions.
Net profit reached AED24.6 billion ($6.7bn), rising 11.6 percent from the prior year period, reflecting improved performance of the transportation services segment and strong earn- ings contribution from the ban-king and financial services segment. Profit attributable to the equity holder of ICD was AED 20.2 billion, a rise of 12.4 percent from the prior year period.
Assets rose to AED844.3 billion, rising 9.7 percent, and liabilities surged to AED616.8 billion, rising by 10 percent from year-end position in 2016. Increases in assets and liabilities were driven by acquisition of an aircraft leasing business and increased lending and customer deposits activities in banking and financial services segment. ICD’s share of equity increased 9.4 per cent to AED190.0 billion from the year-end position in 2016.
Mohammed Ibrahim Al Shaibani, Executive Director and CEO, ICD, said, “In 2017 the portfolio of ICD delivered a strong financial and operational performance despite challenging market conditions impacted by an increase in interest rates and currency volatility.”