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Investment Corporation of Dubai announced its consolidated financial results for the year ending on December 31, 2022, and it achieved record revenues of 267.4 billion dirhams, and recorded record net profits of 36.1 billion dirhams, as all business sectors contributed to this distinguished achievement.
Revenues amounted to 267.4 billion dirhams, an increase of 58 percent, with an increase of 98 billion dirhams compared to the same period last year. The background of rising oil prices. In general, revenues grew faster than operating costs, which led to an increase in the profit margin.
The group recorded a record net profit of 36.1 billion dirhams, as it witnessed an important turning point in the return of profitability to the transportation sector, an increase in oil and gas profits by 82 percent, and an increase in profits from other sectors by 115 percent, supported by strong foundations in the real estate and hospitality sectors and record profits from aluminum production. . The financial and banking services sector was the largest contributor for this year, as it achieved a net profit of 15.3 billion dirhams.
Net profit attributable to equity holders amounted to 29.8 billion dirhams.
assets
Assets continued to grow by 6.9 percent to a record 1.17 trillion dirhams, driven by an overall higher level of activity. Debts rose to 908.1 billion dirhams, while loan and rental debts decreased by 9 percent. The group’s share of shareholders’ equity increased by 13.6 percent, reaching a new record of 216.5 billion dirhams.
Mohammed Ibrahim Al Shaibani, Managing Director of the Investment Corporation of Dubai, commented: “The Investment Corporation of Dubai today announced record revenues, profits, assets and shareholders’ equity for the year 2022, which is a strong and exceptional achievement that reflects the development witnessed in all business sectors.
With the continued strong economic momentum in Dubai, Investment Dubai Group was able to quickly and resiliently enhance its operational capabilities, and benefited from business expansion and strong cost discipline, which drove the group’s best-ever performance.
The Group’s balance sheet maintained a strong financial position, with improvements in asset quality, liquidity, leverage and a record share base.
As a whole, the group demonstrated strength and resilience not reached since its inception, and this came at a time of volatile times witnessing geopolitical conflicts and rising interest rates worldwide. I am confident in the continued success of our business, taking advantage of the strengths of our group and its ability to face the volatile global economic landscape, in addition to our focus on seizing opportunities and the importance of entering new markets.”
