The Investment Corporation of Dubai (ICD) has recently reported its financial results for the year ending December 31, 2023, and they are nothing short of impressive. The company achieved record-breaking revenues of 310.2 billion dirhams and recorded net profits of 60.8 billion dirhams, surpassing last year’s gains.
The increase in revenues was primarily driven by growth in passenger traffic in transportation and the rise in assets and interest rates in financial and banking services. However, oil and gas revenues declined due to a drop in global oil prices. Despite this, overall revenues outpaced operating costs, leading to higher profit margins.
Net profits saw a significant increase of 68 percent, reaching an impressive total of 60.8 billion dirhams. Strong performance in sectors such as real estate and hospitality contributed to these remarkable profits. While oil, gas, and aluminum production also saw profits, they were slightly lower than the previous year.
Assets continued to grow, reaching a record high of 1.32 trillion dirhams, with debts increasing to 1.01 trillion dirhams. The group’s shareholders’ equity also increased to a record high of 237.9 billion dirhams.
Mohammed Ibrahim Al Shaibani, Managing Director of ICD, expressed his gratitude to Dubai’s leadership for their guidance and support in achieving these exceptional results while highlighting the group’s growth over the past three years due to regional economic momentum and increased competitiveness. He emphasized the importance of diversification through strategic investments as a way to strengthen Dubai’s position moving forward.
Al Shaibani thanked members of the Board of Directors for their contributions to the company’s success as well as all employees for their hard work and dedication towards achieving these milestones.
Overall, ICD’s financial results demonstrate their commitment to excellence while highlighting Dubai’s ongoing success as an international business hub with robust economic growth potential.
In conclusion, it is evident that ICD has had a successful year with remarkable financial achievements despite challenges such as declining oil prices that impacted certain sectors like oil and gas production negatively.
ICD has shown its resilience by focusing on diversification through strategic investments aimed at strengthening Dubai’s position while maintaining profitability across various sectors including real estate, hospitality among others.
With these achievements under its belt