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Thu 19 Dec 2019 02:05 PM

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Dubai wealth fund ICD posts $2.9bn profit, up 4.4%

Investment Corporation of Dubai says revenues for six-month period fall by 7.7% to nearly $29bn

Dubai wealth fund ICD posts $2.9bn profit, up 4.4%

Dubai's sovereign wealth fund on Thurday announced half-year revenues of AED106.3 billion ($28.9 billion) and a net profit of AED10.5 billio ($2.86 billion).

Investment Corporation of Dubai (ICD) said revenues fell by 7.7 percent decrease compared to the year-earlier period, resulting primarily from lower oil prices.

Net profit grew by 4.4 percent, driven by the higher performance of the banking and financial services and transportation segments, it added in a statement. 

These increases were partially offset by lower profits in oil and gas and aluminium production. 

Banking and financial services results were benefited by an AED2.1 billion gain related to the IPO of Network International Holdings, ICD said.

Assets increased to a record AED971.1 billion, rising 10.4 percent from year-end 2018, while liabilities reached AED739.3 billion, rising 15.3 percent. 

These increases were driven by the adoption of IFRS 16 new lease accounting rules. 

Mohammed Ibrahim Al Shaibani, executive director and CEO, ICD said: “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 realisation of its long-term goals for the prosperity of Dubai."

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