Records Annual Net Profit of AED 22.1 Billion
Investment Corporation of Dubai (ICD) announced its consolidated financial results for the year ended 31 December 2016 demonstrating robust Revenues of AED 176.3 Billion and a Net Profit of AED 22.1 Billion. These results were achieved against a backdrop of lower oil and commodity prices, a strong US Dollar against other major currencies, and global economic uncertainty.
Assets increased to AED 769.9 Billion, rising by 6.9 per cent from the year end position in 2015, primarily resulting from an increase in loans and receivables in the Banking and Financial Services segment and aircraft fleet upgrades in the Transportation Services segment. Liabilities increased to AED 560.5 Billion, rising by 7.0 per cent from the year end position in 2015, resulting primarily from higher customer deposits in the Banking and Financial Services segment. The Group’s share of Equity increased by 7.2 per cent from the year end position in 2015, as a result of operating profits.
Revenues were steady at AED 176.3 Billion, a decrease of 0.5 per cent from the prior year and Net Profit was AED 22.1 Billion, a decrease of 19.6 per cent from the prior year. Net Profit attributable to the equity holder of ICD was AED 18.0 Billion, a decrease of 21.4 per cent from the prior year. The decrease in Net Profit was primarily driven by the impact of increased competitive pressure on yields in the Transportation Services segment and the comparison with a prior year gain on Discontinued Operations resulting from the sale of Standard Aero Inc.
“In 2016 the portfolio of ICD demonstrated resilience by delivering a strong operational and financial performance despite challenging market conditions,” commented H.E. Mohammed Ibrahim Al Shaibani, Executive Director and CEO, Investment Corporation of Dubai. “ICD remains focused on expanding its capabilities and investing in opportunities that will support long-term growth and enhance the prosperity of Dubai.”