Investment Corporation of Dubai reports 13% fall in net profit despite strong revenue growth in 2018
Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund with holdings in companies such as Emirates airline and Emirates NBD, has announced record revenues of AED232.4 billion ($63.1 billion) and a net profit of AED21.4 billion for 2018.
Revenues increased 15.7 percent from the prior year with increases achieved in all key segments and net profit was AED21.4 billion, a decrease of 13.2 percent from 2017, state news agency WAM reported.
Assets increased to AED879.2 billion, rising by 4.1 percent from the year-end position in 2017, primarily resulting from an increase in loans and receivables in the banking and financial services segment.
Liabilities increased to AED641.5 billion, rising by 4 percent from the year-end position in 2017, due primarily from higher customer deposits while borrowings and lease liabilities were flat.
Mohammed Ibrahim Al Shaibani, executive director and CEO of Investment Corporation of Dubai, said: "In 2018, the portfolio of ICD demonstrated resilience by delivering a strong operational and financial performance despite challenging market conditions and uncertainties.
"ICD remains focused on growing its key businesses and achieving operational efficiencies that will support long term growth and contribute to the prosperity of Dubai."