ICD today announced its consolidated financial results for the six-month period ended June 30, 2023, having generated record revenue of AED 145.1 billion and record net profit of AED 28.3 billion.
Revenue hit a record AED 145.1 billion, up 20 percent with an increase of AED 24.0 billion compared to the prior-year period, due to significant increase in travel activities and tourism reflected in the Transportation and Other segments, and a jump in Banking and Financial Services Revenues thanks to higher interest rates and strong loan growth. Overall, revenue grew faster than operating costs, boosting margins.
The Group (ICD) posted a record net profit of AED 28.3 billion, an increase of 91 percent, with respective contributions from Banking and Financial Services and Transportation soaring by AED 8.2 billion and 7, AED 7 billion. Real estate and hotel activities also showed strong performance, while lower raw material prices reduced profitability in oil and gas and aluminum production from their records in the previous period.
Net profit attributable to the shareholder was AED 22.6 billion.
Assets grew by 6.5 percent, reaching a record AED 1,252.9 billion driven mainly by growth in banking assets. Liabilities rose to AED974.5 billion due to much higher bank customer deposits, while non-bank loans and leasing liabilities fell by 5.7 percent. The Group’s equity stake increased by 4.2 percent, reaching a new record of AED 225.7 billion.
HE Mohammed Ibrahim Al Shaibani, Director General of Dubai Investment Corporation, commented:
“Dubai Investment Corporation today announced another set of record results for the first half of 2023 and a very impressive overall achievement. The Group saw its activity accelerate, raising revenues and profitability to new levels, with very strong performances in all sectors and exceptional contributions from Transport and Banking and Financial Services.
The Group clearly benefited from the strong economic boost that the Emirate is experiencing thanks to the vision and anticipation of the leaders.
Looking ahead, the demonstrated 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.”
News source: Dubai Press Office