COMMERCIAL NEWS
ICD net profit jumps 16.9% to $6.81bn in 2019
May 20, 2020 5:16 PM
Investment Corporation of Dubai (ICD) today announced its consolidated financial results for the year ended December 31 2019 having achieved revenues of AED228 billion and a net profit of AED25 billion...
Investment Corporation of Dubai (ICD) today announced its consolidated financial results for the year ended December 31, 2019 having achieved revenues of AED228 billion and a net profit of AED25 billion ($6.81 billion).
Net profit grew by 16.9 percent from the prior year and included a record contribution from banking and financial services and a strong performance from transportation, said a Wam news agency report.
Mohammed Ibrahim Al Shaibani, Executive Director and CEO, ICD, commented: "In 2019, ICD produced a very solid performance given the considerable challenges faced by the global economy and the effect that these have had on our businesses. The diversification of our activities and their resilience in volatile markets are two significant contributing factors when it comes to delivering consistent performance year-on-year. Moreover, the record asset level reached by ICD, well in excess of the AED1 trillion mark, reflects the continued growth achieved by our key businesses over time and the scale of their operations."