Investment Corporation of Dubai (ICD) has announced impressive financial results for the year 2022. The corporation reported an annual net profit of USD 9.8B (AED 36.1B), showcasing its strong performance and financial success. The strong performance was driven by growth across all business segments. This reflects the robustness of Dubai’s economy.
One of the notable achievements was the transportation segment, which saw a remarkable turnaround and returned to profitability. The oil and gas division also reported a significant increase in profit, recording an 82% growth. The other segment, buoyed by the thriving real estate and hospitality sectors, experienced a robust 115% growth.
ICD’s banking and financial services division emerged as the largest contributor, generating a net profit of AED15.3 B. Overall, the net profit attributable to the equity holder reached AED 29.8B. This impressive figure showcases the strength and exceptional financial performance of the wealth fund.
“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,” said Mohammed Ibrahim Al Shaibani, managing director, Investment Corporation of Dubai.
The firm’s revenues for the year reached a record high of AED 267.4B. This remarkable achievement represents a staggering 58% increase compared to the previous year. This remarkable growth was primarily driven by a significant upsurge in travel and tourism activities in the city. ICD highlighted that revenues grew faster than operational costs, leading to improved margins.
Balance Sheet and Financial Position
ICD’s total assets reached a record, AED1.2T, reflecting a 6.9% increase. Despite an increase in liabilities to AED 8.1M, borrowings and lease liabilities decreased by 9%. Furthermore, the group’s share of equity grew by 13.6%, reaching AED 216.5B. Al Shaibani emphasized that the corporation’s balance sheet ended the year in a favorable position. Improved asset quality, liquidity, leverage, and a record equity base marked this achievement.
The Investment Corporation of Dubai has demonstrated resilience amidst geopolitical conflicts and rising interest rates, positioning itself to navigate global uncertainties and seize opportunities. With its diversified portfolio, including airlines like Emirates and flyDubai, along with leading banks such as Emirates NBD, Commercial Bank of Dubai, and Dubai Islamic Bank, ICD is well-positioned to capitalize on Dubai’s economic growth.
The remarkable financial results and strengthened balance sheet reflect the corporation’s commitment to delivering exceptional performance and its contribution to Dubai’s economic prosperity. As Dubai’s principal investment arm, ICD continues to play a crucial role in driving the growth and diversification of the emirate’s economy.
