Today, the Investment Corporation of Dubai (ICD) announced its consolidated financial results for the six months ending 30 June 2023, generating record revenues of AED 145.1 billion and a net profit of AED 28.3 billion.
Revenues reached a record AED 145.1 Billion, up 20 per cent, with an increase of AED 24.0 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.
The Investment Corporation of Dubai reported a record net profit of AED 28.3 billion, up 91 per cent, with banking and financial services and transportation’s respective contributions soaring by AED 8.2 billion and AED 7.7 billion, respectively.
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 AED 22.6 Billion.
Assets grew 6.5 per cent, reaching a record AED 1,252.9 Billion, primarily driven by the growth of Banking assets. Liabilities increased to AED 974.5 Billion on much higher Banking customer deposits, whilst Non-Banking borrowings and lease liabilities were reduced by 5.7 per cent. The Group’s share of Equity increased by 4.2 per cent, rising to a new record of AED 225.7 Billion.
H.E. 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 of 2023 and an awe-inspiring achievement overall. The Group saw its activity accelerate, lifting revenue and profitability to new heights, with excellent performances across sectors and exceptional contributions from Transportation, Banking and Financial Services. The Investment Corporation of Dubai benefited from the solid economic momentum the Emirate is experiencing thanks to the vision and anticipation of the Leadership. Looking forward, the proven agility of our businesses and the 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.”
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