Investment Corporation of Dubai Significantly improved results with a profit of AED 1.4 Billion for the first half of 2021
Resilient balance-sheet with assets staying over AED 1 Trillion.
Dubai – November 2021 – ICD announced today its consolidated financial results for the six month period ended 30 June 2021 having generated Revenues of AED 75.2 Billion and recognised a Net profit of AED 1.4 Billion, achieving significantly stronger performance than the first half of last year despite the uneven global economic recovery.
Revenues were AED 75.2 Billion, 2 per cent higher compared to the prior year period, with a material increase in Oil & Gas operations and good momentum in the Other segment, together exceeding the drop seen in Transportation and Banking & Financial Services.
The Group reported a Net Profit of AED 1.4 Billion, a significant turnaround from last year, with improvement across all segments supported by higher levels of activity in some key sectors, an overall strong cost discipline and lower impairment charges. The majority of the Group’s profit came from Banking & Financial Services, Oil & Gas, and aluminium production. Transportation reduced its losses despite ongoing COVID-19 travel restrictions.
The results attributable to the equity holder were a Net Loss of AED 0.9 Billion.
Assets were AED 1,108.0 Billion and Liabilities AED 874.8 Billion, essentially flat compared to year-end 2020. The Group’s share of Equity decreased by 3.7 per cent to AED 185.5 Billion.
H.E. Mohammed Ibrahim Al Shaibani, Managing Director, Investment Corporation of Dubai, commented: “Focused on our objectives, the ICD Group produced a much better performance than last year despite the slow lifting of global travel restrictions impacting some of our key activities. We made significant progress on our return to profitability, reaping the benefits of efficient cost management, and rallying commodity prices and financial markets. The recovery was also assisted by the continued support from the Government to businesses. As economies gradually re-open and business sentiment improves, we are confident that the ICD Group is well positioned to benefit from the more favourable economic environment.”