ICD revenues rise 13.8% on oil, transport services gains

Dubai government’s principal investment arm sees annual revenues of Dh200.9b

The Investment Corporation of Dubai (ICD) yesterday announced that its annual revenues for the year ending December 31, 2017 had risen 13.8 per cent to Dh200.9 billion.

Over the same period, its annual net profit rose by 11.6 per cent to Dh24.6 billion.

The corporation, the principal investment arm of the Dubai government, said in a statement that the revenue growth was due to higher contributions from the oil and gas and transport services sectors, in addition to the effect of new acquisitions.

It attributed the rise in net profits to improved performance in transport services and strong earnings contributions from banking and financial services.

ICD’s assets increased 9.4 per cent to Dh844.3 billion during the year, while its liabilities rose 10 per cent to Dh616.8 billion.

Profit attributable to the equity holder of ICD increased 12.4 per cent to Dh20.2 billion. ICD’s share of equity increased by 9.4 per cent to Dh190 billion.

“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,” Mohammad Ebrahim Al Shaibani, ICD’s executive director and CEO, said in a statement.