ICD announced today its consolidated financial results for the year ended 31 December 2020 having generated Revenues of AED 136.1 Billion and reported a Net loss of AED 15.5 Billion as the Covid-19 global crisis significantly affected its operations.
Revenues were AED 136.1 Billion, a 40.3 per cent decrease from the prior year, with material drops in Transportation and Oil & Gas revenues, and flat income in Banking and Financial Services (helped by a full year contribution from DenizBank A. Ş. as part of Emirates NBD.)
The Group reported a Net Loss for the year of AED 15.5 Billion, with losses primarily from Transportation, and to a lesser extent, Hospitality activities, and profits mostly coming from resilient Banking and Financial Services operations.
The pandemic restrictions imposed across the globe affected all travel, hospitality, retail and real estate activities to various degrees and contributed to a material decline in the price and demand for oil.
The Net Loss attributable to the equity holder was AED 18.9 Billion.
Assets were down 1.0 per cent from the year-end 2019 to AED 1,110.6 Billion, whilst Liabilities were essentially flat at AED 869.3 Billion. The Group’s share of Equity decreased by 5.9 per cent to AED 192.6 Billion.
“Despite the severe effect of the pandemic on the Group’s revenue and profitability, ICD was able to secure a solid Balance-Sheet, sustainable operations and financial stability in 2020 owing to proactive steps taken by the Group. From the outset and as the pandemic raged on, the Group focused on preserving the continuity of its businesses and safe operations for their employees and customers. As the global crisis continued, the Group entities regularly reviewed the adequacy of their plans, reducing costs and adapting their model, said H.E. Mohammed Ibrahim Al Shaibani, Managing Director, Investment Corporation of Dubai. “Several of the Group entities benefited from the timely decisions taken by our Shareholder, the Government of Dubai in response to the pandemic and our businesses are today strongly positioned to seize the opportunities presented by global economic activities now gaining momentum with the international vaccine roll-out,” continued H.E. Al Shaibani.