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Wednesday, 28 December 2016

First-half profit declines at Dubai sovereign fund ICD | The National

First-half profit declines at Dubai sovereign fund ICD | The National:
"The Investment Corporation of Dubai (ICD), with holdings in some of the emirate’s most strategic companies including Emirates airline and lender Emirates NBD, said yesterday its first-half net profit dropped by 23 per cent year on year as revenues from its oil and gas interests declined.

Net profit attributable to equity holders fell to Dh8.2 billion in the six months to June 30 from Dh10.68bn in a year-earlier, it said in a statement to Nasdaq Dubai.


Revenue declined by 7.8 per cent to Dh82.47bn from Dh89.47bn as earnings from oil and gas products and services declined 30.5 per cent to Dh19.43bn from Dh27.98bn a year-earlier. ICD’s holdings in the energy and industrial segment of its portfolio are in diversified energy company Enoc, cable manufacturer Ducab and Emirates Global Aluminium."

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