The Investment Corporation of Dubai (ICD) announced today that it achieved revenues of AED169.4 billion and a net profit of AED10.1 billion for the year ended on 31 December 2021, a significant turnaround from last year as business recovery accelerated. The company’s revenues rose by 24.5 percent to AED169.4 billion, primarily due to commodities prices rallying in oil and gas, higher levels of activity in transportation, and continued momentum in the other segment as global travel restrictions loosen. A catalyst for the recovery was also Expo 2020 Dubai.
With a net profit of AED10.1 billion, the Group reported a sizeable positive swing in profitability supported by revenue growth, cost discipline, and lower impairments across banking, real estate, and hospitality. Aluminum production operations contributed materially to these results. Equity holders reaped a profit of AED5.5 billion. Despite above AED1 trillion in assets and liabilities, the balance-sheet declined 1 percent to AED1,101.1 billion and AED862.7 billion respectively, mainly due to lower banking balances offsetting growth in non-banking operational balances, and a cautious approach to CapEx deployment.