Investment Corporation of Dubai announces record revenues, net profit, assets and equity

Record net profit for the six-month period 2023 of Dh28.3 billion

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sovereign wealth fund, Investment Corporation of Dubai, ICD

Published: Thu 23 Nov 2023, 6:33 PM

ICD announced on Thursday that its net profit for the first six months of the year hit a record Dh28.3 billion.

Revenues reached a record Dh145.1 billion , up 20 per cent with an increase of Dh24.0 billion compared to the prior year period, due to the significant rise in travel and tourism activities reflected in the Transportation and Other segments, and a jump in Banking & Financial Services revenues on higher interest rates and strong lending growth. Overall, revenues increased faster than operational costs, boosting margins.

ICD’s record net profit of Dh28.3 billion was up 91 per cent, with banking and financial services’ and transportation’s respective contributions soaring by Dh8.2 billion and Dh7.7 billion . Real estate and hospitality activities also displayed strong performance, whilst lower commodity prices reduced profitability in oil and gas and aluminium production from their prior period records.

The net profit attributable to the equity holder was Dh22.6 billion .

Assets grew 6.5 per cent, reaching a record Dh1.2529 trillion, primarily driven by the growth of banking assets. Liabilities increased to Dh974.5 billion on much higher banking customer deposits whilst non-banking borrowings and lease liabilities reduced by 5.7 per cent. The Group’s share of equity increased by 4.2 per cent rising to a new record of Dh225.7 billion .

Mohammed Ibrahim Al Shaibani, managing director, Investment Corporation of Dubai

Mohammed Ibrahim Al Shaibani, managing director, Investment Corporation of Dubai, commented: “The Investment Corporation of Dubai announced today another set of record results for the first half period of 2023 and a very impressive achievement overall. The Group saw its activity accelerate, lifting revenue and profitability to new heights, with very solid performances across sectors and exceptional contributions from Transportation and Banking and Financial Services. The Group clearly benefited from the strong economic momentum the Emirate is experiencing thanks to the vision and anticipation from the leadership. Looking forward, the proven agility of our businesses and strength of the Group’s financial position will help weather the uncertain global economic outlook. We remain confident in the Group’s ability to identify new investment opportunities and expand its commercial activities.”