Dubai – Mubasher: Investment Corporation of Dubai (ICD) on Tuesday posted a 3% year-on-year drop in net profits for the first half of 2018, reaching AED 10 billion.
Revenues of the Dubai government's main investment arm rose 23.4% year-on-year to AED 115.1 billion during the six-month period ended 30 June.
The fall in profits was attributed to the equity holder of ICD that stood at AED7.5 billion, the state-run agency WAM reported.
Meanwhile, net profits benefited from continued strength in the banking and financial services which offset headwinds in transportation services due to increased fuel prices and the strength of the US dollar, the state-owned holding company noted.
Moreover, ICD’s assets grew 1.7% to AED 858.9 billion during the first six months of 2018.
“ICD’s financial results in the first half of 2018 reflect the resilience and continued growth of its portfolio companies. ICD remains focused on investing in opportunities that will deliver long-term growth and contribute to the prosperity of Dubai,” Mohammed Ibrahim Al Shaibani, executive director and CEO of ICD, said.
