Investment Corporation of Dubai records AED10bn net profit in H1

Dubai / WAM

Investment Corporation of Dubai (ICD) announced its consolidated financial results for the six month period ended on June 30, having achieved revenues of AED115.1 billion and net profit of AED10 billion.
Revenues grew across all operating segments with the largest increases in oil and gas and transportation services.
Net profit reached AED10 billion. Net profit benefited from continued strength in banking and financial services which offset headwinds in transportation services due to increased fuel prices and the strength of the US dollar.
Mohammed Ibrahim Al Shaibani, Executive Director and CEO of ICD, said, “ICD’s financial results in the first half of 2018 reflect the resilience and continued growth of its portfolio companies.” He added, “ICD remains focussed on investing in opportunities that will deliver long-term growth and contribute to the prosperity of Dubai.”
Assets increased to AED858.9 billion, rising 1.7 percent from year end 2017, primarily resulting from increase in loans and receivables in banking and financial services and growth in transportation services. Liabilities rose to AED631.5 billion, rising 2.4 percent from year end 2017, primarily resulting from higher customer deposits in banking and financial services.
The corporation’s share of equity was as much as AED189.9 billion at the end of first half
of 2018.