Dubai-based sovereign wealth fund ICD has announced a net profit of AED1.4 billion for the first six months of 2021.
The Investment Corporation of Dubai generated revenues of AED75.2 billion in the same period, described as “significantly stronger” than the first half of last year despite the uneven global economic recovery.
Revenues rose by 2 percent, with a material increase in oil & gas operations exceeding drops in transportation and banking & financial services.
The company said its net profits represented a “significant turnaround” from last year, with improvement across all segments supported by higher levels of activity in some key sectors, an overall strong cost discipline and lower impairment charges.
The majority of the group’s profit came from banking & financial services, oil & gas and aluminium production.
Transportation reduced its losses despite ongoing Covid-19 travel restrictions, the company added in a statement.
Assets amounted to AED1.1 trillion and liabilities at AED874.8 billion, essentially flat compared to year-end 2020.
Mohammed Ibrahim Al Shaibani, managing director, ICD, said: “Focused on our objectives, the ICD Group produced a much better performance than last year despite the slow lifting of global travel restrictions impacting some of our key activities.
“We made significant progress on our return to profitability, reaping the benefits of efficient cost management, and rallying commodity prices and financial markets. The recovery was also assisted by the continued support from the Government to businesses. As economies gradually re-open and business sentiment improves, we are confident that the ICD Group is well positioned to benefit from the more favourable economic environment.”
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