Dubai: Dubai Government’s investment arm ICD generated revenues of Dh75.2 billion in the first six months of this year, which amounts to a “significantly stronger performance” than in the same period last year. Net profits for Investment Corporation of Dubai came to Dh1.4 billion, again a major turnaround from last year.
Last year, with all the challenges of COVID-19 to deal with, revenues were Dh73.7 billion and slipped into a net loss of Dh9.4 billion.
“We made significant progress on our return to profitability, reaping the benefits of efficient cost management, and rallying commodity prices and financial markets. The recovery was also assisted by the continued support from the Government to businesses,” said Mohammed Ibrahim Al Shaibani, Managing Director.
As economies gradually re-open and business sentiment improves, we are confident that the ICD Group is well-positioned to benefit from the more favourable economic environment.
ICD lists assets such as Emirates Group as part of its portfolio. At the end of June, assets were valued at Dh1.10 trillion and liabilities of Dh874.8 billion, which is “essentially flat compared to year-end 2020”.
Where profits came from
The profit gains came from across the board, “supported by higher levels of activity in some key sectors”, and from ICD’s focus on cost discipline and lower impairment charges. The majority of the profit was generated from banking and financial services, oil and gas, and aluminium production.
Transportation reduced its losses despite ongoing COVID-19 travel restrictions.