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Investment Corporation of Dubai, ICD, has announced its consolidated financial results for the six month period ended 30th June, 2018, having achieved revenues of AED115.1 billion and net profit of AED10.0 billion.
Revenue increased to AED115.1 billion, rising 23.4 percent from the comparable prior year period. Revenues grew across all operating segments with the largest increases in Oil and Gas and Transportation Services.
Net profit reached AED10.0 billion, down 3.0 percent from the comparable prior year period and net profit attributable to the equity holder of ICD was AED7.5 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.
Commenting on the financial results, 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 focused 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 an increase in loans and receivables in Banking and Financial Services and growth in Transportation Services. Liabilities increased 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 AED189.9 billion at the end of first half of 2018.
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