The Investment Corporation of Dubai (ICD), with holdings in some of the emirate’s most strategic companies including Emirates airline and lender Emirates NBD, said yesterday its first-half net profit dropped by 23 per cent year on year as revenues from its oil and gas interests declined.
Net profit attributable to equity holders fell to Dh8.2 billion in the six months to June 30 from Dh10.68bn in a year-earlier, it said in a statement to Nasdaq Dubai.
Revenue declined by 7.8 per cent to Dh82.47bn from Dh89.47bn as earnings from oil and gas products and services declined 30.5 per cent to Dh19.43bn from Dh27.98bn a year-earlier. ICD’s holdings in the energy and industrial segment of its portfolio are in diversified energy company Enoc, cable manufacturer Ducab and Emirates Global Aluminium.
Nearly 55 per cent of its revenue during the first six months of this year came from transport and related services sector, followed by oil and gas products and services with a 23.5 per cent share.
First-half net profit was also hit by the widening of the net loss from derivative instruments to Dh522.7 million from Dh132.7m in the year-earlier period. General, administrative and other expenses also increased by more than 9 per cent to Dh10.83bn from Dh9.92bn a year earlier.
The value of ICD’s total assets increased by 2.3 per cent to Dh736.76bn as the end of June, from Dh720.08bn at the end of December last year.
ICD also has stakes in companies including flydubai, Nasdaq Dubai and Dubai Islamic Bank.
dalsaadi@thenational.ae
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