Investment Corporation of Dubai reports Dhs10.1b profit for 2021

Investment Corporation of Dubai reports Dhs10.1b profit for 2021

Investment Corporation of Dubai (ICD) announced on Tuesday its consolidated financial results for the year ended Dec.31, 2021, having generated revenues of Dhs169.4 billion and reported a net profit of Dhs10.1 billion, a significant turnaround from last year as business recovery accelerated. Revenues were Dhs169.4 billion, up 24.5 per cent compared to the prior year, driven primarily by rallying commodities prices in oil and gas, higher levels of activity in transportation, and strong momentum in the other segment as global travel restrictions gradually eased. Expo 2020 Dubai also acted as a catalyst for the recovery. The Group reported a net profit of Dhs10.1 billion, reflecting a sizeable positive swing in profitability, with improvements across all segments, helped primarily by revenue growth, rigorous cost discipline, and lower impairments in the banking, real estate, and hospitality sectors. Aluminium production operations also contributed materially to these results. The net profit attributable to the equity holder was Dhs5.5 billion. The balance-sheet remained above Dhs1 trillion, with assets and liabilities down 1 per cent respectively to Dhs1,101.1 billion and Dhs862.7 billion, primarily due to lower banking balances offsetting the growth of non-banking operational balances, and a cautious approach to CapEx deployment. The Group’s share of