60.8 billion dirhams, web income of “Dubai Authorities Investments” for the yr 2023

Yesterday, the Funding Company of Dubai (ICD) introduced its consolidated monetary outcomes for the yr to December 31, 2023, attaining revenues exceeding 310.2 billion dirhams, and recording the best web income a peak of 60.8 billion dirhams increased than final yr’s good points.

The worth of income exceeded 310.2 billion dirhams, a rise of 16%, a rise of 42.8 billion dirhams, in comparison with the identical interval final yr, pushed primarily by the rise in passenger site visitors in transport, in addition to asset development and rate of interest will increase in monetary and banking providers. Oil and gasoline revenues declined as international oil costs fell from their peak costs in 2022. Total, revenues grew sooner than working prices, resulting in a rise within the revenue margin.

The group recorded the best web income of 60.8 billion dirhams, a rise of 68%, a rise of 24.6 billion dirhams, largely on account of transport, a rise of 119%, and a rise in income from monetary and banking providers with 69. %, which made web income attain new heights. The robust efficiency in the true property and hospitality sectors contributed to recording increased income in lots of firms within the group. Oil, gasoline and aluminum manufacturing achieved good income, though decrease than final yr. Web income to shareholders amounted to 50.3 billion dirhams, a rise of 69%.

Property continued to develop to achieve a peak of 1.322 trillion dirhams, a rise of 12%, equal to 145.3 billion dirhams, whereas money owed reached 1.011 trillion dirhams, a rise of 11%, pushed primarily by half with asset development in banking providers by 16%. Property in non-banking operations grew by 5%, whereas their liabilities decreased. The group’s share of shareholders’ fairness elevated by 21.4 billion dirhams, reaching a report excessive of 237.9 billion dirhams.

The Managing Director of Dubai Funding Company (ICD), Mohammed Ibrahim Al Shaibani, stated: “Dubai Funding Firm introduced its finest ever efficiency, and the group achieved this robust and excellent efficiency over three consecutive years, as its monetary outcomes. in these years nice development occurred.

He stated: “Development within the group has been achieved based mostly on regional financial momentum and a rise in our capability to compete, which has led to increased revenue margins and higher efficiency within the firms linked to our portfolio in transport, monetary providers and banking, and others. enterprise sectors.”

He continued: “At group stage as a complete, our monetary place has been strengthened because of improved liquidity and asset high quality and a discount in non-banking exercise debt, as property and shares register new data .

Presently, we’re reinforcing our dedication to continued development by means of the diversification of our investments, and the power and suppleness of our group’s enterprise and funding technique will undoubtedly contribute to the achievement of our objectives. to raise the place of Dubai.”