ICD announces 16.9% percent growth in 2019 net profit

DUBAI, Investment Corporation of Dubai, ICD, today announced its consolidated financial results for the year ended 31st December 2019 having achieved revenues of AED228.0 billion and a net profit of AED25.0 billion.

Net profit grew by 16.9 percent from the prior year to AED25.0 billion including a record contribution from Banking and Financial Services and a strong performance from Transportation.

Mohammed Ibrahim Al Shaibani, Executive Director and CEO, Investment Corporation of Dubai, commented, “In 2019, ICD produced a very solid performance given the considerable challenges faced by the global economy and the effect that these have had on our businesses. The diversification of our activities and their resilience in volatile markets are two significant contributing factors when it comes to delivering consistent performance year-on-year. Moreover, the record asset level reached by ICD, well in excess of the AED1 trillion mark, reflects the continued growth achieved by our key businesses over time and the scale of their operations.”

Source: Emirates News Agency