Investment Corporation of Dubai (ICD), earned a net profit of AED 24.6 billion ($6.7 billion) for the financial year that ended on December 31, the company announced on Tuesday.
The company’s 2017 net profit represents an 11.6 percent increase from the prior year, which the company said is a reflection of a strong performance in its transportation services segment and strong earnings contribution from the banking and financial services segment.
Additionally, the company posted record revenues of AED 200.9 billion ($54.7 billion), a 13.8 percent increase that the company credits to higher revenues in the oil, gas and transportation services segments, as well as new acquisitions.
The company’s assets increased to AED 844.3 billion ($229.3 billion), a 9.7 percent increase, while liabilities increased 10.0 from ICD’s year-end position in 2016 to AED 616.8 billion ($167.9 billion). The increases in assets and liabilities were driven by the acquisition of an aircraft leasing business, as well as increased lending and customer deposits activities in ICD’s banking and financial services segment.
“We are pleased today to be posting record numbers for both our revenues and size of assets,” said Mohammed Ibrahim Al Shaibani, ICD’s executive director and CEO. “In 2017 the portfolio of ICD delivered a strong financial and operational performance despite challenging market conditions impacted by an increase in interest rates and currency volatility.”
Al Shaibani added that he believes the results “reflect the continuous focus of ICD on growing its key businesses and achieving meaningful operational efficiencies that will support long-term growth and contribute to the prosperity of Dubai.”
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