The Investment Corporation of Dubai, the government's main investment arm, reported a 68% increase in 2023 net profit on Wednesday buoyed by its transportation, banking and financial services assets.
ICD, which owns the Emirates airline and holdings in companies such as Dubai lender Emirates NBD (ENBD.DU), opens new tab, Emaar Properties and the Emirates National Oil Company, posted a record high net profit of 60.8 billion dirhams ($16.56 billion).
About 10.4 billion dirhams was attributable to non-controlling interests.
Strong regional economic momentum and increased competitiveness of ICD's businesses led to "higher margins and performance of our portfolio companies operating in the Transportation, Banking and Financial Services, and other segments," Managing Director Mohammed Ibrahim Al Shaibani was quoted as saying in the statement.
Revenue rose 16% to 310.2 billion dirhams, while assets grew by 12% to a new record high of 1.322 trillion dirhams.
No comments:
Post a Comment