Dubai’s Investment Corporation (ICD) announced exceptional financial results for the year ending December 31, 2023. The company achieved record revenues of 310.2 billion dirhams and recorded record net profits of 60.8 billion dirhams, surpassing last year’s gains by a significant margin.
The increase in passenger traffic in transportation, growth of assets and rise in interest rates in financial and banking services drove the value of record revenues to 310.2 billion dirhams, an increase of 16 percent from the previous year. Despite a decline in oil and gas revenues due to falling global oil prices, overall revenues grew faster than operating costs, resulting in higher profit margins.
The group recorded strong profits across several sectors, including real estate and hospitality. Oil, gas, and aluminum production also contributed to the growth of net profits despite lower returns than the previous year. Net profits attributable to shareholders amounted to 50.3 billion dirhams, up by 69 percent from the previous year.
Assets continued to grow and reached a new high of 1.32 trillion dirhams, an increase of 12 percent from the previous year. Debts also increased but mainly due to asset growth in banking services reaching 1.01 trillion dirhams. The group’s shareholders’ equity increased by AED 237.9 billion to reach a new high level as well.
Mohammed Ibrahim Al Shaibani attributed ICD’s success over three consecutive years to regional economic momentum and increased competitiveness while thanking Dubai’s leadership for their guidance and support.
Overall, ICD’s achievements demonstrate its commitment to continued growth through investment diversification while remaining focused on delivering exceptional results for its stakeholders.
In summary, ICD achieved remarkable financial results for the fiscal year ending December 31st, with revenue increasing by an impressive margin driven by various factors such as passenger traffic growth and rising interest rates in financial services.
Furthermore, net profit margins grew significantly due to strong performance across different sectors like real estate & hospitality among others despite declining oil & gas revenues due to global price fluctuations.
Overall assets grew at an impressive rate reaching new heights while debt levels increased mainly due to asset expansion in banking services.
With these outstanding accomplishments under its belt, it is evident that ICD is committed towards continuous growth through diversification while remaining focused on delivering exceptional value for its stakeholders – investors & shareholders alike!
