Investment Corporation of Dubai (ICD), the sovereign wealth fund of the Government of Dubai, announced record revenues and record net profit for the year ending 31 December, 2022.
Despite a tough year globally, ICD’s revenues reached a record AED267.4 billion ($72.81 billion), up 58 percent with an increase of AED98 billion ($26.68 billion) compared to 2021 due to a significant surge in travel and tourism activities reflected in the transportation and other segments, and a jump in oil and gas revenues on much higher oil prices.
The group reported a record net profit of AED36.1 billion ($9.83 billion). Net profit attributable to the equity holder was AED29.8 billion ($8.11 billion).
Mohammed Ibrahim Al Shaibani, Managing Director, ICD, commented: “The Investment Corporation of Dubai announced record revenues, earnings, assets and equity for the year 2022, a truly exceptional achievement with improvements seen across all businesses.
“With the strong momentum in the Dubai economy, the ICD Group was able to further deploy its operational capacity in an agile manner and benefited both from a scale effect and a strong discipline on costs, producing its best-ever performance.
“The group’s balance sheet ended the year in a very favourable position, with improved asset quality, liquidity and leverage and a record equity base. Overall, the group emerges resilient and stronger than ever from a volatile period marked by geopolitical conflicts and rising interest rates, and I am confident that our businesses will carry on building on these strengths to weather the uncertain global economic outlook as well as seize opportunities and conquer new markets.”
Overall, revenues grew faster than operational costs, boosting margins. Transportation returned to profitability in an impressive turnaround, while oil and gas increased its profit by 82 percent.
Other segment was up by 115 percent buoyed by strong fundamentals in the real estate and hospitality sectors and record earnings from aluminium production. Banking and financial services, the largest contributor this year, generated 42.4 percent of the net profits, or AED15.3 billion ($4.17 billion).
Assets grew 6.9 percent reaching a record AED1,176.8 billion ($320.44 billion), supported by the much higher level of activity overall. Liabilities increased to AED908.1 billion ($247.27 billion), whilst borrowings and lease liabilities declined nine percent.
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