Wed 26-06-2019 11:25 AM
DUBAI, 26th June, 2019 (WAM) -- Investment Corporation of Dubai, ICD, has announced its consolidated financial results for the year ended 31st December, 2018, achieving record revenues of AED232.4 billion and a net profit of AED21.4 billion.
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 the prior year. Net profit attributable to the equity holder of ICD was AED16.3 billion, a decrease of 19.7 percent from the prior year.
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 4.0 percent from the year-end position in 2017, resulting primarily from higher customer deposits in the Banking and Financial Services segment while borrowings and lease liabilities were flat.
The Group’s share of Equity increased by 4.0 percent from the year-end position in 2017, as a result of retained profits.
Commenting on the financial results, 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."