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Saturday, 22 July 2017

ICD profit drops 21 % as transport sector takes a beating - The National

ICD profit drops 21 % as transport sector takes a beating - The National:

"The Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund with strategic holdings that include Emirates airline, Emirates Global Aluminium and lender Emirates NBD, posted a 21.4 per cent decline in full-year net profit for 2016, as the transport sector took a hit and the fund benefited in 2015 from a one-off gain from the sale of aviation services company Standard Aero.

Net profit for equity holders in the 12 months ending December 31 reached Dh17.99 billion compared with Dh20.89bn in 2015, the fund said in a statement on Nasdaq Dubai. Revenue dipped 0.5 per cent to Dh176.31bn from Dh177.14bn in 2015.

ICD attributed the net profit plunge to “increased competitive pressure on yields” in its transportation segment and to a 2015 gain from discontinued operations following the sale of Standard Aero, a unit of Dubai Aerospace Enterprise (DAE), an aircraft leasing and maintenance company in which ICD has an 80.53 per cent stake. DAE sold Standard Aero to an affiliate of private equity firm Veritas Capital for Dh5bn, booking a gain of Dh2.07bn, according to ICD’s financial statements."

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