Dubai Investment Corporation posts profits of $6.7bn
Investment Corporation of Dubai (ICD), earned a net profit of AED 24.6bn ($6.7bn) over the course of 2017, the company announced yesterday.
The DIC’s 2017 net profit represents an 11.6% increase YoY, which the organisation said is a reflection of a strong performance in its transportation services segment and strong earnings contribution from the banking and financial services segment.
Additionally, the company posted record revenues of AED 200.9bn ($54.7bn), a 13.8% increase that the company credits to higher revenues in the oil, gas and transportation services segments, as well as new acquisitions.
The DIC’s assets increased to AED 844.3bn ($229.3 billion), a 9.7% increase, while liabilities increased 10% from ICD’s year-end position in 2016 to AED 616.8 billion ($167.9 billion). The increases were attributed largely to ICD’s banking and financial services segment.
“We are pleased today to be posting record numbers for both our revenues and size of assets,” said Mohammed Ibrahim al-Shaibani, ICD’s executive director and CEO. “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.”
Al-Shaibani added that he believes the 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.”