Dubai: Investment Corporation of Dubai announced its consolidated financial results on Thursday for the first half of 2023, ending June 30, with Dh28.3 billion in net profits.
The company generated record revenues over the same period, a media release said, at Dh145.1 billion. The revenue soared by 20 per cent due to increased earnings from travel and tourism activities, along with banking and financial services.
Profits increased by 91 per cent, the company said, with increased contributions of Dh8.2 billion and Dh7.7 billion from banking and financial services, and travel and tourism activities respectively. The group's real estate and hospitality service also displayed a strong performance.
Banking assets contributed to an overall 6.5 per cent increase in assets and the group's equity share increased to Dh225.7 billion - a hike of 4.2 per cent.
Mohammed Ibrahim Al Shaibani, Managing Director, Investment Corporation of Dubai, commented: “The Investment Corporation of Dubai announced today another set of record results for the first half period of 2023 and a very impressive achievement overall.
"The Group saw its activity accelerate, lifting revenue and profitability to new heights, with very solid performances across sectors and exceptional contributions from Transportation and Banking and Financial Services."
Investment Corporation of Dubai (ICD) is the principal investment arm of the Government of Dubai. It was established in May 2006 by decree (11) of 2006. The firm's portfolio includes financial services, transportation, energy and industry, real estate and construction, hospitality and leisure, retail, and other global holdings.