Investment Corporation of Dubai (ICD) has announced its consolidated financial results for the six month period ended 30 June 2017 having achieved revenues of Dh93.2 billion ($25.3 billion) and net profit of Dh10.3 billion ($2.8 billion).

Revenues increased to Dh93.2 Billion, rising 13.1 percent from the prior year period, mainly due to a growth in operating segments with the largest increases in oil and gas and transportation services, reported state-run Wam.

Net profit reached Dh10.3 Billion, rising 0.3 percent from the prior year period and net profit attributable to the equity holder of ICD was Dh8.3 Billion, rising 0.6 percent. Net Profit benefited from higher commodity prices in oil and gas and Industrial operations and continued strength in banking and financial services which offset pressure on yields in transportation services.

Assets increased to Dh 786.8 Billion, rising 2.2 per cent from year end 2016, primarily resulting from an increase in loans and receivables in Banking and Financial Services and the acquisition of ALEC Engineering & Contracting. Liabilities increased to Dh 572.1 Billion, rising 2.1 per cent from year end 2016, primarily resulting from higher customer deposits in banking and financial Services. The equity attributable to the equity holder of ICD was Dh178.0 Billion, rising 2.5 percent from year end 2016.

Mohammed Ibrahim Al Shaibani, executive director and CEO, ICD, said, "In the first half of 2017 the portfolio of ICD continued to deliver strong operating and financial results and steady growth. ICD remains focused on expanding its capabilities and investing in opportunities that will support long-term growth and contribute to the prosperity of Dubai."