Investment Corporation of Dubai announces record revenues, net profit, assets and equity

Investment Corporation of Dubai announces record revenues, net profit, assets and equity

DUBAI: Investment Corporation of Dubai (ICD) announced today its consolidated financial results for the year ending 31st December 2022 having generated record Revenues of AED 267.4 billion and a record Net Profit of AED 36.1 billion. All business segments contributed to this remarkable achievement.

Revenues reached a record AED 267.4 billion, up 58 percent with an increase of AED 98 billion compared to the prior year period, due to a significant surge in travel and tourism activities reflected in the Transportation and Other segments, and a jump in Oil & Gas revenues on much higher oil prices. Overall, revenues grew faster than operational costs, boosting margins.

The Group reported a record Net Profit of AED 36.1 billion, with Transportation returning to profitability in an impressive turnaround, Oil & Gas increasing its profit by 82 percent, and the other segment up by 115 percent buoyed by strong fundamentals in the real estate and hospitality sectors and record earnings from aluminium production. Banking and Financial Services, the largest contributor this year, generated AED 15.3 billion of Net Profit.

The Net Profit attributable to the equity holder was AED 29.8 billion.

Assets grew 6.9 percent reaching a record AED 1,176.8 billion supported by the much higher level