Investment Corporation of Dubai posts record Dh36.1 billion for 2022

Group announces record revenues, net profit, assets and equity

Somshankar Bandyopadhyay

Published: Wed 31 May 2023, 6:15 PM

Investment Corporation of Dubai (ICD) announced on Wednesday that net profit for 2022 stood at Dh36.1 billion, on the back of record revenues of Dh267.4 billion.

Revenues were 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 and gas revenues on much higher oil prices. Overall, revenues grew faster than operational costs, boosting margins.

The group reported a record net profit of dh36.1 billion, with transportation returning to profitability in an impressive turnaround, oil and 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 of net profit.

The net profit attributable to the equity holder was Dh29.8 billion.

Assets grew 6.9 per cent reaching a record Dh1,176.8 billion 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.

Mohammed Ibrahim Al Shaibani, managing director, Investment Corporation of Dubai. — Supplied photo

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.”