With assets exceeding 1.1 trillion dirhams

1.4 billion dirhams, net profit of "Dubai Government Investments" in 6 months

Mohammed Al Shaibani: “By focusing on our goals, the Foundation was able to achieve a much better performance compared to last year.”

Yesterday, the Governmental Investment Corporation of Dubai announced its consolidated financial results for the six-month period ending on June 30, 2021, as it achieved revenues of 75.2 billion dirhams, while it recorded a net profit of 1.4 billion dirhams, noting that it achieved a much stronger performance compared to the first half of the year. Last year, despite the uneven global economic recovery.

The Corporation explained in a statement that revenues increased, during the first six months of this year, by 2% compared to the same period last year, as a result of a significant increase in oil and gas operations, and an increase in momentum in other sectors, which compensated for the decline in the transportation and banking and financial services sectors.

She pointed out that recording a net profit of 1.4 billion dirhams, which constitutes a significant shift compared to last year, amid an improvement in all sectors supported by higher levels of activity in some key sectors, comprehensive cost control, and a lower decline in value.

The Corporation indicated that the banking and financial services sectors, the oil and gas sector, and aluminum production contributed the largest proportion of the group's profits, pointing to the decline in the losses of the transportation sector, despite the continued restrictions on travel in light of the "Covid-19" crisis.

The total assets of "Dubai Government Investments" amounted to 1.108 trillion dirhams, while debts amounted to 874.8 billion dirhams, maintaining essentially the same level compared to the end of 2020.

Investments Corporation of Dubai (ICD) managing director, Mohammed Ibrahim Al Shaibani, said: “By focusing on our objectives, ICD has been able to do much better than last year, despite the negative effects of the slow lifting of travel restrictions on our core activities.”

He added, "We were able to make remarkable progress in returning to profitability as a result of effective cost management and a rise in commodity prices and financial markets, and the government's continuous support for companies helped to recover."

Follow our latest local and sports news and the latest political and economic developments via Google news