Dubai wealth fund ICD announces six-month net profit of $2.7bn

Investment Corporation of Dubai says revenues boosted by oil and gas and transportation during first six months of 2018
Dubai wealth fund ICD announces six-month net profit of $2.7bn
Mohammed Ibrahim Al Shaibani, executive director and CEO of ICD.
By Sam Bridge
Tue 18 Dec 2018 02:02 PM

Investment Corporation of Dubai (ICD) has announced half-year revenues of AED115.1 billion and net profit of AED10 billion ($2.7 billion).

Revenue for the six months to the end of June increased by 23.4 percent compared to the prior year period.

The wealth fund said revenues grew across all operating segments with the largest increases in oil and gas and transportation services.

Net profit reached AED10 billion, down 3 percent year-on-year.

The company said net profit from banking and financial services offset headwinds in transportation due to increased fuel prices and the strength of the US dollar.

Mohammed Ibrahim Al Shaibani, executive director and CEO of ICD, said: "ICD’s financial results in the first half of 2018 reflect the resilience and continued growth of its portfolio companies."

He added: "ICD remains focused on investing in opportunities that will deliver long-term growth and contribute to the prosperity of Dubai."

Assets increased to AED858.9 billion, rising 1.7 percent from year end 2017, while liabilities increased to AED631.5 billion, rising 2.4 percent.

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