ICD announces financial results for 2017

DUBAI, Investment Corporation of Dubai, ICD, has announced its consolidated financial results for the year ended 31st December 2017, delivering record revenues of AED200.9 billion and an improved net profit of AED24.6 billion.

Revenues increased to AED200.9 billion, an increase of 13.8 percent from the prior year period, supported by higher revenues in the oil and gas and transportation services segments and the effect of new acquisitions.

Net profit reached AED24.6 billion, rising 11.6 percent from the prior year period, reflecting the improved performance of the transportation services segment and the strong earnings contribution from the banking and financial services segment. Profit attributable to the equity holder of ICD was AED20.2 billion, an increase of 12.4 percent from the prior year period.

Assets increased to AED844.3 billion, rising 9.7 percent, and liabilities increased to AED616.8 billion, rising by 10.0 percent from the year-end position in 2016. Increases in assets and liabilities were driven by the acquisition of an aircraft leasing business and increased lending and customer deposits activities in the banking and financial services segment. ICD’s share of Equity increased by 9.4 per cent to AED190.0 billion from the year-end position in 2016.

Mohammed Ibrahim Al Shaibani, Executive Director and CEO, Investment Corporation of Dubai, said, “We are pleased today to be posting record numbers for both our revenues and size of Assets. In 2017 the portfolio of ICD delivered a strong financial and operational performance despite challenging market conditions impacted by an increase in interest rates and currency volatility. These results reflect the continuous focus of ICD on growing its key businesses and achieving meaningful operational efficiencies that will support long-term growth and contribute to the prosperity of Dubai.”

Source: Emirates News Agency