Dubai, UAE
Investment Corporation of Dubai (ICD), an investment arm of Dubai Government whose portfolio includes Emirates Airline and Group, FlyDubai, Emirates NBD Bank, Dubai Islamic Bank, Commercial Bank of Dubai, Ithra, and other important assets, reported a 58 percent jump in revenue exceeding Dh267.4 billion (US$72.86 billion) in 2022, up from Dh98 billion (US26.7 billion) in 2021 with a record net profit of Dh36.1 billion.
The net profit attributable to the equity holder was Dh29.8 billion (US$8.11 billion). All business segments contributed to this remarkable achievement.
This is boosted by a record profit of Dh10.9 billion (US3 billion), reported by Emirates Group earlier this month. For the financial year ended 31 March 2023, the Emirates Group posted a record profit of Dh10.9 billion (US$3.0 billion) compared with an Dh3.8 billion (US$1.0 billion) loss for last year, Emirates Group said in a statement issued earlier.
Assets grew 6.9 per cent reaching a record Dh1.17 trillion 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 rising to a new record of Dh216.5 billion.
“Revenues reached a record Dh267.4 billion, up 58 per cent with an increase of Dh98 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,” a statement said.
The Group reported a record net profit of Dh36.1 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 Dh15.3 billion net profit.
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.”
