Investment Corporation of Dubai records net profit

Investment Corporation of Dubai, ICD, today announced its consolidated financial results for the six-month period ended 30th June, 2016, showing revenues of AED82.5 billion and a net profit of AED10.3 billion. These results were achieved against a backdrop of lower oil and commodity prices, a strong US Dollar against other major currencies, and lackluster global economic growth.

Revenues decreased by 7.8 percent and net profit decreased by 19.4 percent from the comparable period ended 30th June, 2015. Net profit attributable to the equity holder of ICD was AED8.2 billion, a decrease of 23.2 percent from the comparable period ended 30th June, 2015.

Assets increased to AED736.8 billion, rising by 2.3 percent from the year end position in 2015, primarily resulting from an increase in loans and receivables at its banking subsidiary, the acquisition of the Porto Montenegro, and the acquisition of ground handling businesses by a subsidiary. Liabilities increased to AED538.0 billion, rising by 2.7 percent from the year end position in 2015, owing primarily to higher customer deposits at its banking subsidiary.

The group’s share of equity increased by 1.3 percent from the year end position in 2015, chiefly as a result of operating profits.

"ICD portfolio companies continued to show resilience despite difficult international macroeconomic conditions which resulted in slower global growth for the period," said Mohammed Ibrahim Al Shaibani, Executive Director and CEO, Investment Corporation of Dubai.

"Economic headwinds and market uncertainties are the challenges that every successful investment strategy will ride to arrive at its long-term objectives," he added, before concluding, "As a group we remain focused on the long-term, and continue to seek compelling local, regional, and global investment opportunities that are synergistic with our existing holdings, and that support the continued growth and prosperity of Dubai."