Principal Investment Arm of the Government of Dubai Records Net Profit of AED 10.3 Billion in First Half 2017

  • PORTFOLIO GROWS TO AED 786.8 BILLION
  • ANNOUNCES EARLY REPAYMENT OF AED 5.5 BILLION OF ICD BORROWINGS

Dubai – November 2017 – Investment Corporation of Dubai (ICD) announced its consolidated financial results for the six month period ended 30 June 2017 having achieved Revenues of AED 93.2 Billion and Net Profit of AED 10.3 Billion.

Revenues increased to AED 93.2 Billion, rising 13.1 per cent from the prior year period. Revenues grew across all operating segments with the largest increases in Oil and Gas and Transportation Services.

Net Profit reached AED 10.3 Billion, rising 0.3 per cent from the prior year period and Net Profit attributable to the equity holder of ICD was AED 8.3 Billion, rising 0.6 per cent. Net Profit benefited from higher commodity prices in Oil and Gas and Industrial operations and continued strength in Banking and Financial Services which offset pressure on yields in Transportation Services.

Assets increased to AED 786.8 Billion, rising 2.2 per cent from year end 2016, primarily resulting from an increase in loans and receivables in Banking and Financial Services and the acquisition of ALEC Engineering & Contracting. Liabilities increased to AED 572.1 Billion, rising 2.1 per cent from year end 2016, primarily resulting from higher customer deposits in Banking and Financial Services. The Equity attributable to the equity holder of ICD was AED 178.0 Billion, rising 2.5 per cent from year end 2016.

His Excellency (HE) Mohammed Ibrahim Al Shaibani, Executive Director and CEO, Investment Corporation of Dubai said: “In the first half of 2017 the portfolio of ICD continued to deliver strong operating and financial results and steady growth. ICD remains focused on expanding its capabilities and investing in opportunities that will support long-term growth and contribute to the prosperity of Dubai.”