Investment Corporation of Dubai posts record Dh36.1 billion for 2022

Investment Corporation of Dubai posts record Dh36.1 billion for 2022

Group announces record revenues, net profit, assets and equity

Published: Wed 31 May 2023, 6:15 PM

Investment Corporation of Dubai (ICD) announced on Wednesday that net profit for 2022 stood at Dh36.1 billion, on the back of record revenues of Dh267.4 billion.

Revenues were up 58 per cent with an increase of Dh98 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 and gas revenues on much higher oil prices. Overall, revenues grew faster than operational costs, boosting margins.

The group reported a record net profit of dh36.1 billion, with transportation returning to profitability in an impressive turnaround, oil and gas increasing its profit by 82 per cent, and the other segment up by 115 per cent 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 dh15.3 Billion of net profit.

The net profit attributable to the equity holder was Dh29.8 billion.

Assets grew 6.9 per cent reaching a record Dh1,176.8 billion supported by the much higher level of activity overall. Liabilities increased to Dh908.1 billion, whilst borrowings