Investment Corporation of Dubai H1 net profit up to AED10.3 billion

Investment Corporation of Dubai (ICD) has announced its consolidated financial results for the six month period ended 30 June 2017 having achieved revenues of AED93.2 Billion and net profit of AED10.3 billion.

Revenues increased to AED93.2 Billion, rising 13.1 percent from the prior year period, mainly due to a growth in operating segments with the largest increases in oil and gas and transportation services.

Net profit reached AED10.3 Billion, rising 0.3 percent from the prior year period and net profit attributable to the equity holder of ICD was AED8.3 Billion, rising 0.6 percent. 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 AED178.0 Billion, rising 2.5 percent from year end 2016.

Mohammed Ibrahim Al Shaibani, Executive Director and CEO, ICD, 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."

Source: Wam