Investment Corporation of Dubai (ICD) announced today its consolidated financial results for the year ending 31st December 2022 having generated record Revenues of AED 267.4 billion and a record Net Profit of AED 36.1 billion. All business segments contributed to this remarkable achievement.
Revenues reached a record AED 267.4 billion, up 58 percent with an increase of AED 98 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.
The Group reported a record Net Profit of AED 36.1 billion, with Transportation returning to profitability in an impressive turnaround, Oil & Gas increasing its profit by 82 percent, and the other segment up by 115 percent buoyed by strong fundamentals in the real estate and hospitality sectors and record earnings from aluminum production. Banking and Financial Services, the largest contributor this year, generated AED 15.3 billion of Net Profit.
The Net Profit attributable to the equity holder was AED 29.8 billion.
Assets grew 6.9 percent reaching a record AED 1,176.8 billion supported by the much higher level of activity overall. Liabilities increased to AED 908.1 billion, whilst borrowings and lease liabilities declined 9 percent. The Group’s share of Equity increased by 13.6 percent rising to a new record of AED 216.5 billion.
Mohammed Ibrahim Al Shaibani, Managing Director, the 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 favorable 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.”