Net Profit increased by 4.4% to AED 10.5 Billion in First Half of 2019
- Total Assets increased 10.4% to a record AED 971.1 Billion
Investment Corporation of Dubai (ICD) today announced its consolidated financial results for the six month period ended 30 June 2019 having achieved Revenues of AED 106.3 Billion and a Net Profit of AED 10.5 Billion.
Revenues were AED 106.3 Billion, a 7.7 per cent decrease compared to the prior year period, resulting primarily from lower oil prices.
Net Profit grew 4.4 per cent to AED 10.5 Billion from the comparable prior year period driven by the higher performance of the Banking and Financial Services and Transportation segments. These increases were partially offset by lower profits in Oil and Gas and aluminium production. Banking and Financial Services results were benefited by an AED 2.1 Billion gain related to the IPO of Network International Holdings plc. Net Profit attributable to the equity holder of ICD was AED 6.9 Billion, a decrease of 8.3 per cent compared to the prior year period.
Assets increased to a record AED 971.1 Billion, rising 10.4 per cent from the year end 2018, whilst Liabilities reached AED 739.3 Billion, rising 15.3 per cent. These increases were driven by the adoption of IFRS 16 new lease accounting rules which added AED 58.5 Billion of Assets and AED 68.2 Billion of Liabilities and by continued business growth. The Group’s share of Equity decreased by 3.7 per cent to AED 190.4 Billion from year end 2018, driven primarily by a AED 9.7 Billion one-time adjustment relating to the adoption of IFRS 16.
H.E. Mohammed Ibrahim Al Shaibani, Executive Director and CEO, Investment Corporation of Dubai commented: “During the first six months of 2019, although not immune to the global growth slowdown and the volatility of key commodities, the ICD Group produced a solid performance showing the resilience of its activities. The diversification of its operations and the focus on improving further efficiencies and growing ICD core businesses helped weather challenging market conditions as ICD continues on its journey towards the realization of its long-term goals for the prosperity of Dubai”.
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