Investment Corporation of Dubai (ICD), the principal investment arm of state government, has announced its consolidated financial results for the year ended December 31, 2018, achieving record revenues of Dh232.4 billion ($63.2 billion) and a net profit of Dh21.4 billion.

Revenues increased 15.7 per cent from the prior year with increases achieved in all key segments and net profit was Dh21.4 billion, down 13.2 per cent from the prior year.

Net profit attributable to the equity holder of ICD was Dh16.3 billion, thus registering a 19.7 per cent decline from the prior year.

Assets increased to Dh879.2 billion, rising by 4.1 per cent from the year-end position in 2017, primarily resulting from an increase in loans and receivables in the Banking and Financial Services segment.

Liabilities increased to Dh641.5 billion, rising by 4 per cent from the year-end position in 2017, resulting primarily from higher customer deposits in the Banking and Financial Services segment while borrowings and lease liabilities were flat.

The group’s share of equity increased by 4 per cent from the year-end position in 2017, as a result of retained profits.

On the results, Executive Director and CEO Mohammed Ibrahim Al Shaibani said: "In 2018, the portfolio of ICD demonstrated resilience by delivering a strong operational and financial performance despite challenging market conditions and uncertainties."

"ICD remains focused on growing its key businesses and achieving operational efficiencies that will support long term growth and contribute to the prosperity of Dubai," he added.-TradeArabia News Service