Investment Corporation of Dubai Records Annual Net Profit of AED 27.5 Billion
Principal Investment Arm of the Government of Dubai Grows its Portfolio to AED 720.1 Billion
Investment Corporation of Dubai announced a rise in its Profit from Continuing Operations for the year ended 31 December 2015 to AED 25.2 Billion, an increase of 12.8 per cent from AED 22.3 Billion recorded in the prior year.
Revenues totaled AED 177.4 Billion, a decrease of 7.6 per cent primarily due to the impact of lower oil prices on revenues at ENOC. This decrease was more than offset by a reduction in Cost of Revenues which declined by 13.8 per cent. As a result, Gross Profit reached AED 42.2 Billion, an increase of 19.8 per cent that was primarily driven by lower unit costs at Emirates, improved margins at ENOC and a lower cost of funding at Emirates NBD.
Net Profit for the year totaled AED 27.5 Billion of which Net Profit attributable to the equity holder of ICD was AED 22.9 Billion, a decrease of 3.7 per cent from AED 23.8 Billion. The prior year results had benefited from a significant one-time gain in Discontinued Operations as a result of the successful transfer of Dubai Aluminium to EGA.
Commenting on the Group’s performance, His Excellency Mohammed Al Shaibani, Executive Director and CEO, said: “ICD’s strong financial results in 2015 are a reflection of the robust performance of our portfolio companies. We remain committed to achieving excellence in our performance and maintain a focus on diversifying our portfolio in the key strategic sectors in line with ICD’s mandate to support the continuing development of Dubai.”
Assets grew to AED 720.1 Billion, rising by 7.1 per cent from the year end position in 2014. The growth primarily resulted from an increase in loans and receivables at Emirates NBD, the inclusion of the assets of newly acquired companies and the purchase of new aircrafts by Emirates.
Liabilities increased to AED 523.8 Billion, rising by 8.6 per cent from the year end position in 2014. The increase primarily resulted from higher customer deposits at Emirates NBD, additional borrowings by subsidiaries and the inclusion of the liabilities of newly acquired companies.
The Group’s share of Equity increased by 6.6 per cent from the year end position in 2014 primarily as a result of operating profits.
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