Investment Corporation of Dubai grows portfolio 6.9%

The Investment Corporation of Dubai has announced its consolidated financial results for the year ended 31st December 2016 demonstrating robust revenues of AED176.3 billion and a net profit of AED22.1 billion. The results were achieved against a backdrop of lower oil and commodity prices, a strong US Dollar against other major currencies, and global economic uncertainty.
Assets increased to AED769.9 billion, rising by 6.9 percent from the year end position in 2015, primarily resulting from an increase in loans and receivables in the Banking and Financial Services segment and aircraft fleet upgrades in the Transportation Services segment. Liabilities increased to AED560.5 billion, rising by 7.0 percent from the year end position in 2015, resulting primarily from higher customer deposits in the Banking and Financial Services segment. The group’s share of equity increased by 7.2 percent from the year end position in 2015, as a result of operating profits.
Revenues were steady at AED176.3 billion, a decrease of 0.5 percent from the prior year, and net profit was AED22.1 billion, a decrease of 19.6 percent from the prior year. Net profit attributable to the equity holder of ICD was AED18.0 billion, a decrease of 21.4 percent from the prior year. The decrease in net profit was primarily driven by the impact of increased competitive pressure on yields in the Transportation Services segment and the comparison with a prior year gain on Discontinued Operations resulting from the sale of Standard Aero Inc..
"In 2016, the portfolio of ICD demonstrated resilience by delivering a strong operational and financial performance despite challenging market conditions," said Mohammed Ibrahim Al Shaibani, Executive Director and CEO, Investment Corporation of Dubai. "ICD remains focused on expanding its capabilities and investing in opportunities that will support long-term growth and enhance the prosperity of Dubai," he added.

Source: Wam