Investment Corporation of Dubai sees AED10bn profit

Investment Corporation of Dubai sees AED10bn profit

Local News















DUBAI / WAM

Investment Corporation of Dubai (ICD) announced on Tuesday its consolidated financial results for the year ended December 31, 2021, having generated revenues of AED169.4 billion and reported a net profit of AED10.1 billion, a significant turnaround from last year as business recovery accelerated.

Revenues were AED169.4 billion, up 24.5 percent 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 AED10.1 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 AED5.5 billion.

The balance-sheet remained above AED1 trillion, with assets and liabilities down 1 percent respectively to AED1,101.1 billion and AED862.7 billion, primarily due to lower banking balances offsetting the growth of