UAE- ICD profit hits Dh27.5b
Date
6/30/2016 2:16:51 AM
(MENAFN- Khaleej Times) Investment Corporation of Dubai, or ICD, on Tuesday reported a Dh27.5 billion net profit for the year ended December 31, 2015.
Established in 2006, ICD is the investment arm of the Government of Dubai. Under its mandate, ICD consolidates and manages the government''s portfolio of commercial companies and investments. Net profit for the year totalled Dh27.5 billion, of which net profit attributable to the equity holder of ICD was Dh22.9 billion, a decrease of 3.7 per cent from Dh23.8 billion. Its revenues totalled Dh177.4 billion, a decrease of 7.6 per cent, primarily due to the impact of lower oil prices on revenues at Emirates National Oil Company, or Enoc. This decrease was more than offset by a reduction in cost of revenues, which declined by 13.8 per cent. As a result, gross profit reached Dh42.2 billion, an increase of 19.8 per cent, which was primarily driven by lower unit costs at Emirates, improved margins at Enoc and a lower cost of funding at Emirates NBD. ICD - the owner of Atlantis, The Palm - had agreed to purchase a yacht marina and waterfront development in Montenegro from Montport Capital last month. The prior year results had benefited from a significant one-time gain in discontinued operations as a result of the successful transfer of Dubai Aluminium to EGA. Mohammed Al Shaibani, executive director and chief executive officer of ICD, said: "ICD''s strong financial results in 2015 are a reflection of the robust performance of our portfolio companies. We remain committed to achieving excellence in our performance and maintain a focus on diversifying our portfolio in the key strategic sectors in line with ICD''s mandate to support the continuing development of Dubai." Assets grew to Dh720.1 billion, rising by 7.1 per cent from the year-end position in 2014. The growth primarily resulted from an increase in loans and receivables at Emirates NBD, the inclusion of the assets of newly-acquired companies and the purchase of new aircraft by Emirates. Liabilities rose to Dh523.8 billion, rising by 8.6 per cent from the year-end position in 2014. The increase primarily resulted from higher customer deposits at Emirates NBD, additional borrowings by subsidiaries and the inclusion of the liabilities of newly-acquired firms. The group''s share of equity increased by 6.6 per cent from the year end position in 2014, primarily as a result of operating profits. -
(function(P,o,s,t,Q,r,e){P[''PostquareObject'']=Q;P[Q]=P[Q]||function(){ (P[Q].q=P[Q].q||[]).push(arguments)},P[Q].l=1*new Date();r=o.createElement(s), e=o.getElementsByTagName(s)[0];r.async=1;r.src=t;e.parentNode.insertBefore(r,e) })(window,document,''script'',''//widget.engageya.com/_pos_loader.js'',''__posWidget''); __posWidget(''createWidget'',{wwei:''POSTQUARE_WIDGET_90498'',pubid:166590,webid:131503,wid:90498,on:''postquare''});