Investment Corporation of Dubai
The Group announces record Revenues, Net Profit, Assets and Equity.
Record Net Profit for the Year 2022 of AED 36.1 Billion
Record Assets of AED 1.18 Trillion
Dubai – 31 May 2023 – ICD announced today its consolidated financial results for the year ended 31 December 2022 having generated record Revenues of AED 267.4 Billion and a record Net Profit of AED 36.1 Billion. All business segments contributed to this remarkable achievement.
Revenues reached a record AED 267.4 Billion, up 58 per cent with an increase of AED 98 Billion compared to the prior year period, due to a significant surge in travel and tourism activities reflected in the Transportation and Other segments, and a jump in Oil & Gas revenues on much higher oil prices. Overall, revenues grew faster than operational costs, boosting margins.
The Group reported a record Net Profit of AED 36.1 Billion, with Transportation returning to profitability in an impressive turnaround, Oil & Gas increasing its profit by 82 per cent, and the Other segment up by 115 per cent 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 AED 15.3 Billion of Net Profit.
The Net Profit attributable to the equity holder was AED 29.8 Billion.
Assets grew 6.9 per cent reaching a record AED 1,176.8 Billion supported by the much higher level of activity overall. Liabilities increased to AED 908.1 Billion, whilst borrowings and lease liabilities declined 9 per cent. The Group's share of Equity increased by 13.6 per cent rising to a new record of AED 216.5 Billion.
H.E. Mohammed Ibrahim Al Shaibani, Managing Director, Investment Corporation of Dubai, commented:
"The Investment Corporation of Dubai announced today 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."
ENDS
Investment Corporation of Dubai
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 and mandated with the consolidation and management of the Government of Dubai's portfolio of commercial companies and investments. ICD was also assigned the provision of strategic oversight to portfolio companies through the development and implementation of effective corporate governance policies, and sound investment strategies. ICD is focused on maximizing stakeholder value for the long-term benefit of the Emirate.
ICD's portfolio comprises some of Dubai's most recognized companies, and represents a cross-section of vital economic sectors that the Government of Dubai has deemed strategic for the continued development and growth of the Emirate. The sectors include financial services, transportation, energy and industry, real estate and construction, hospitality and leisure, retail, and other holdings. In addition, ICD has embarked on a disciplined and sustainable strategy of global investments, which are synergistic with its existing portfolio, to extend Dubai's presence and expertise into international markets.
For more information, please visit: http://www.icd.gov.ae/
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