The Dubai Government Investment Corporation achieved a net profit of 25 billion dirhams during the past year, an increase of 16.9% compared to the year 2018, while
revenue reached 228 billion dirhams.
The Foundation said in a statement yesterday that the assets grew to a record level of 1.121 trillion dirhams during the year 2019, an increase of 27.5% compared to the end of 2018.
Profits and revenues
Profits and revenues In
detail, the Dubai Government Investment Corporation, "The Corporation", announced yesterday its consolidated financial results for the year ended December 31, 2019, generating revenue of 228 billion dirhams and net profits of 25 billion dirhams.
The Corporation said in a statement, the revenue decreased by 1.9% compared to the year 2018 with a decrease in oil and gas revenues and a partial decrease in transportation income reflected by an increase in income in banking and financial services and in other sectors.
She added that the net profit increased during the past year by 16.9% from the year 2018, indicating that this includes the standard contribution from banking and financial services and a strong performance from transportation.
The corporation indicated that these increases were offset by lower contributions from oil and gas and aluminum production.
The net profit attributable to the shareholders of the Foundation reached 18 billion dirhams during the past year, an increase of 10.7% compared to the previous year.
Assets The assets
grew to a record level of 1.121 trillion dirhams during the past year, an increase of 27.5% compared to the end of 2018, while debts amounted to 869.7 billion dirhams, an increase of 35.6%.
This is mainly due to the acquisition of Denizbank, continued business growth and the adoption of the new IFRS 16, lease accounting rules.
The group's share of shareholders' equity increased by 3.5% to reach 204.6 billion dirhams compared to the end of 2018, despite a one-time adjustment of 9.7 billion dirhams in relation to the adoption of International Financial Reporting Standard No. 16.
Strong performance
The Board member and CEO of the Dubai Government Investment Corporation, Mohammed Ibrahim Al-Shaibani, said that “in 2019 the organization achieved a very strong performance due to the great challenges facing the global economy and its impact on our business.”
He added that «the diversity of the Foundation’s activities and its flexibility in volatile markets are two important contributing factors when it comes to providing consistent performance on an annual basis», noting that «moreover, the record level of the assets reached by the Foundation, which exceeds a trillion dirhams, reflects the continuous growth Our main business has achieved over time and scale of operations. ”
Al-Shaibani added, “In 2020, with the great turmoil arising in the aftermath of the Covid 19 crisis, we focus on adjusting our operations to maintain their ability to operate competitively when the health crisis recedes, and we remain confident that the institution can achieve sustainable returns in the long run.” Long for the prosperity of Dubai ».