Arabian Weekly Staff
Investment Corporation of Dubai (ICD) announced record revenues of AED 145.1 billion and net profit of AED 28.3 billion in its consolidated financial results for the six-month period ended 30 June 2023.
Revenues reached a record AED 145.1 billion, up 20 per cent with an increase of AED 24.0 billion compared to the prior year period, due to the significant rise in travel and tourism activities reflected in the Transportation and Other segments, and a jump in Banking & Financial Services revenues on higher interest rates and strong lending growth. Overall, revenues increased faster than operational costs, boosting margins.
The group reported a record net Pprofit of AED 28.3 billion, up 91 percent with Banking and Financial Services’ and Transportation’s respective contributions soaring by AED 8.2 billion and AED 7.7 billion. Real estate and hospitality activities also displayed strong performance, whilst lower commodity prices reduced profitability in Oil & Gas and aluminium production from their prior period records.
The net profit attributable to the equity holder was AED 22.6 billion.
Assets grew 6.5 per cent, reaching a record AED 1,252.9 billion primarily driven by the growth of Banking assets. Liabilities increased to AED 974.5 billion on much higher Banking customer deposits whilst Non-Banking borrowings and lease liabilities reduced by 5.7 per cent. The group’s share of Equity increased by 4.2 per cent rising to a new record of AED 225.7 billion.