ICD’s revenue increase was attributed to higher oil and gas revenues
Investment Corporation of Dubai (ICD), has posted a 11.6 per cent increase in net income for the year ended 31st December 2017.
The net income reached AED24.6 billion, reflecting strong earnings contribution from the banking and financial services segment and the improved performance of the transportation services segment.
ICD’s revenues increased to AED200.9 billion, a 13.8 per cent increase from the prior year period, this was attributed to higher oil and gas revenues, transportation services segments and the effect of new acquisitions, reported WAM.
The company’s assets increased to AED 844.3 billion, rising 9.7 per cent, and liabilities increased to AED616.8 billion, rising by 10.0 per cent from the year-end position in 2016. Increases in assets and liabilities were driven by customer deposits activities in the banking and financial services segment and the acquisition of an aircraft leasing business and increased lending.
“These results reflect the continuous focus of ICD on growing its key businesses and achieving meaningful operational efficiencies that will support long-term growth and contribute to the prosperity of Dubai," said Mohammed Ibrahim Al Shaibani, Executive Director and CEO, Investment Corporation of Dubai.
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