Emirates A380 plane
Emirates is one of ICD's top portfolio companies, along with sister airline flyDubai. Image Credit: Emirates

Dubai: The Investment Corporation of Dubai, the government’s principal investment arm which has airlines such as Emirates and flyDubai under its portfolio, along with top lenders such as Emirates NBD, Commercial Bank of Dubai and Dubai Islamic Bank, reported revenue of Dh267.4 billion for the year ended December 31, 2022, a 58 per cent increase compared to the year-ago period.

A significant surge in travel and tourism activities as well as a jump in oil and gas revenues helped the group post a net profit of Dh36.1 billion for the period. Net profit attributable to the equity holder was Dh29.8 billion.

Mohammed Ibrahim Al Shaibani, Managing Director, Investment Corporation of Dubai, said: “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.”

Within the portfolio, the oil and gas segment profit was up 82 per cent, while banking and financial services, the largest contributor this year, generated Dh15.3 billion in net profit.

Assets grew 6.9 per cent to a record Dh1,176.8 Billion supported by the much higher level of activity overall. Liabilities increased to Dh908.1 Billion, whilst borrowings and lease liabilities declined 9 per cent. The group’s share of equity increased by 13.6 per cent to Dh216.5 billion.