Dubai’s sovereign wealth fund Investment Corporation of Dubai (ICD) has reported that its net profit for 2020 has surged 16.9 percent to reach Dh 25 billion in 2020.
The improvement in profitability was connected to profits from the partial sale of Network International Holdings and fair value measures of its remaining stake. Transportation units also performed well but contributions from oil and gas and aluminum production were weaker.
ICD’s revenues dropped 1.9 percent to Dh 228 billion, affected by energy and transport sectors, while profit attributable to the equity holders improved 10.7 percent to Dh 18 billion.
Mohammed Ibrahim Al Shaibani Executive Director and CEO Investment Corporation of Dubai.
“In 2019, ICD produced a very solid performance given the considerable challenges faced by the global economy and the effect that these have had on our businesses. The diversification of our activities and their resilience in volatile markets are two significant contributing factors when it comes to delivering consistent performance year-on-year.”
ICD is Dubai’s biggest sovereign fund and its holdings comprise some of the emirate’s most recognized companies including Emirates Group, flydubai, Dubai Aerospace Enterprise, Emirates NBD, Dubai Islamic Bank, Commercial Bank of Dubai, Enoc, Dubal, Emirates Global Aluminium, Emaar, Dubai World Trade Centre, Atlantics The Palm and number of others.
Assets touch Dh 1 trillion mark
IDC’s Assets expanded to a record Dh 1.12 trillion, rising 27.5 percent from the year-end 2018, while debts reached Dh 869.7 billion, rising 35.6 percent, pushed by the procurement of DenizBank as well as the implementation of new IFRS 16 regulations.
The group’s share of equity rose by 3.5 percent to Dh 204.6 billion from 2018, despite Dh 9.7 billion one-time adjustments relating to the adoption of IFRS 16.
“In 2020, with the significant disruptions arising in the wake of the Covid-19 crisis, we are focused on adjusting our operations to preserve their ability to operate competitively when the health crisis subsides. We remain confident that ICD’s businesses can deliver sustainable returns over the long-term for the prosperity of Dubai,” said Al Shaibani.
