The Investment Corporation of Dubai (ICD) has announced its consolidated financial results for the year ended  December 31, 2016 demonstrating robust revenues of Dh176.3 billion ($48 billion) and a net profit of Dh22.1 billion ($6 billion).

The results were achieved against a backdrop of lower oil and commodity prices, a strong US Dollar against other major currencies, and global economic uncertainty, said the state's sovereign wealth fund in a statement.

Assets increased to Dh769.9 billion, rising by 6.9 per cent from the year end position in 2015, primarily resulting from an increase in loans and receivables in the banking and financial services segment and aircraft fleet upgrades in the transportation services segment.

Liabilities increased to Dh560.5 billion, rising by seven per cent from the year end position in 2015, resulting primarily from higher customer deposits in the banking and financial services segment.

The group’s share of equity increased by 7.2 per cent from the year end position in 2015, as a result of operating profits, said the statement from ICD.

Revenues were steady at Dh176.3 billion, a decrease of 0.5 per cent from the prior year, and net profit was Dh22.1 billion, a decrease of 19.6 per cent from the prior year.

Net profit attributable to the equity holder of ICD was Dh18 billion, a decrease of 21.4 per cent from the prior year.

The decrease in net profit was primarily driven by the impact of increased competitive pressure on yields in the transportation services segment and the comparison with a prior year gain on discontinued operations resulting from the sale of Standard Aero.

"In 2016, the portfolio of ICD demonstrated resilience by delivering a strong operational and financial performance despite challenging market conditions," said Mohammed Ibrahim Al Shaibani, the executive director and CEO.

"ICD remains focused on expanding its capabilities and investing in opportunities that will support long-term growth and enhance the prosperity of Dubai," he added.-TradeArabia News Service