Wednesday , July 24 2019

Investment Corporation of Dubai revenues hit $63b

DUBAI / WAM

The Investment Corporation of Dubai (ICD) announced its consolidated financial results for the year ended on December 31, 2018, achieving record revenues of AED232.4 billion ($63 billion) and a net profit of AED21.4 billion.
Revenues increased 15.7 percent from the prior year with increases achieved in all key segments and net profit was AED21.4 billion, a decrease of 13.2 percent from the prior year. Net profit attributable to the equity holder of ICD was AED16.3 billion, a decrease of 19.7 percent from the prior year.
Assets increased to as much as AED879.2 billion, rising by 4.1 percent from the year-end position in 2017, primarily resulting from an increase in loans and receivables in the Banking and Financial Services segment. Liabilities increased to an amount of AED641.5 billion, rising by 4.0 percent from the year-end position in 2017, resulting primarily from higher customer deposits in the Banking and Financial Services segment while borrowings and lease liabilities were flat.
The Group’s share of Equity increased by 4.0 percent from the year-end position in 2017, as a result of retained profits.

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