Investment Corporation of Dubai (ICD) has announced a net profit of Dh10.3 billion ($2.8 billion) for the six-month period ended June 30, 2016.

Revenues for the preiod was Dh82.5 billion, a decrease of 7.8 per cent compared to the same period last year. Net profits were down 19.4 per cent.

These results are achieved against a backdrop of lower oil and commodity prices, a strong US dollar against other major currencies, and lackluster global economic growth, a statement said.

Net profit attributable to the equity holder of ICD was Dh8.2 billion, a decrease of 23.2 per cent from the comparable period ended June 30, 2015.

Assets increased to Dh736.8 billion, rising 2.3 per cent from the year end position in 2015, primarily resulting from an increase in loans and receivables at its banking subsidiary, the acquisition of the Porto Montenegro, and the acquisition of ground handling businesses by a subsidiary. Liabilities increased to Dh538 billion, rising by 2.7 per cent from the year end position in 2015, owing primarily to higher customer deposits at its banking subsidiary.

The group’s share of equity increased by 1.3 per cent from the year end position in 2015, chiefly as a result of operating profits.

“ICD portfolio companies continued to show resilience despite difficult international macroeconomic
conditions which resulted in slower global growth for the period,” said Mohammed Ibrahim Al Shaibani, executive director and CEO.

“Economic headwinds and market uncertainties are the challenges that every successful investment strategy will ride to arrive at its long-term objectives,” he added. “As a group we remain focused on the long-term, and continue to seek compelling local, regional, and global investment opportunities that are synergistic with our existing holdings, and that support the continued growth and prosperity of Dubai.” - TradeArabia News Service