Press Dossier   News Category    Economy    ICD profit jumps 16.9% to Dh25 billion; assets top Dh1 trillion

KHALEEJ TIMES, Thursday, May 21, 2020 | Ramadan 28, 1441

ICD profit jumps 16.9% to Dh25 billion; assets top Dh1 trillion

Emirates: Dubai's sovereign wealth fund Investment Corporation of Dubai (ICD) on Wednesday said its net profit for 2019 jumped 16.9 per cent to Dh25 billion.

The increase in profitability was attributed to gains from the partial disposal of Network International Holdings and fair value measures of its remaining stake. Transportation units also performed well but contributions from oil and gas and aluminium production were lower.

Its revenues fell 1.9 per cent to Dh228 billion, impacted by energy and transport sectors, while profit attributable to the equity holders increased 10.7 per cent to Dh18 billion.

"In 2019, ICD produced a very solid performance given the considerable challenges faced by the global economy and the effect that these have had on our businesses. The diversification of our activities and their resilience in volatile markets are two significant contributing factors when it comes to delivering consistent performance year-on-year," said Mohammed Ibrahim Al Shaibani, executive director and CEO of Investment Corporation of Dubai.

ICD is Dubai's biggest sovereign fund and its portfolio comprises some of the emirate's most recognised companies including Emirates Group, flydubai, Dubai Aerospace Enterprise, Emirates NBD, Dubai Islamic Bank, Commercial Bank of Dubai, Enoc, Dubal, Emirates Global Aluminium, Emaar, Dubai World Trade Centre, Atlantics The Palm and number of others.

Assets cross Dh1 trillion mark

Assets increased to a record Dh1.12 trillion, rising 27.5 per cent from the year-end 2018, while liabilities reached Dh869.7 billion, rising 35.6 per cent, driven by the acquisition of DenizBank as well as the implementation of new IFRS 16 regulations.

The group's share of equity increased by 3.5 per cent to Dh204.6 billion from 2018, despite Dh9.7 billion one-time adjustment relating to the adoption of IFRS 16.

"In 2020, with the significant disruptions arising in the wake of the Covid-19 crisis, we are focused on adjusting our operations to preserve their ability to operate competitively when the health crisis subsides. We remain confident that ICD's businesses can deliver sustainable returns over the long-term for the prosperity of Dubai," said Al Shaibani.

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