Investment Corporation of #Dubai reports 9.56% drop in H1 profits | ZAWYA MENA Edition

Investment Corporation of Dubai reports 9.56% drop in H1 profits | ZAWYA MENA Edition:

Investment Corporation of Dubai (ICD), the sovereign wealth fund which owns the Emirates airline group and stakes in several Dubai banks, has reported a 9.56 percent decline in net profit attributable to its shareholders for the first six months of 2018, falling to 7.47 billion United Arab Emirates dirhams ($2.03 bilion), despite revenue increasing by 23.4 percent year-on-year to 115.1 billion dirhams.

ICD, which also owns Emirates National Oil Refining Company (ENOC), said revenues grew across all of its different business segments, but its oil and gas and transportation divisions witnessed the biggest increases as a result of higher oil prices.

In a press statement that was published announcing its results, ICD said that the company's net profit "benefited from continued strength in Banking and Financial Services, which offset headwinds in Transportation Services due to increased fuel prices and the strength of the US Dollar".