Investment Corporation of Dubai reports Dhs10.1bn in net profit for 2021

Investment Corporation of Dubai (ICD) has reported Dhs10.1bn in net profit for the year ended December 31, 2021, with improvements recorded across all segments.

The entity’s revenues totaled Dhs169.4bn, up 24.5 per cent compared to the prior year, driven primarily by rallying commodities prices in oil and gas, higher levels of activity in transportation, and momentum in the other segments, official news agency WAM reported.

The net profit attributable to the equity holder stood at Dhs5.5bn. The balance-sheet remained above Dhs1tn, with assets and liabilities down 1 per cent respectively to Dhs1,101.1bn and Dhs862.7bn, primarily due to lower banking balances offsetting the growth of non-banking operational balances, and cautious Capex deployment. Meanwhile, the group’s share of equity decreased by 1 per cent to equal Dhs190.6bn.

Mohammed Ibrahim Al Shaibani, managing director of Investment Corporation of Dubai, said, “In 2021, the ICD Group saw its businesses’ overall level of activity increase materially, and profitability bounces back. Whilst good progress was made during the earlier part of the year despite the virus variant disruptions, the second part of the year saw a much more robust recovery, helped by the easing of global travel restrictions and the positive impact of the hosting of Expo 2020 Dubai.

“Our portfolio companies reaped the benefits of the steps taken earlier during the pandemic to protect their businesses, adapt their models, and enhance cost-effectiveness.”

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