The balance sheet maintains its flexibility while remaining at a level above a trillion dirhams
Dubai Government Investments achieves 10.1 billion dirhams of net profit in 2021
Measures to manage the effects of "Covid-19" contributed greatly to the strong recovery of Dubai's economy.
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Mohammed Al Shaibani: "The group occupies a good position, and is ready to take advantage of the new opportunities ahead."
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The Governmental Investment Corporation of Dubai announced its consolidated financial results for the year ending on December 31, 2021, revealing revenue of 169.4 billion dirhams, while net profits amounting to 10.1 billion dirhams.
Height factors
She explained that the value of revenues, which amounted to 169.4 billion dirhams, recorded an increase of 24.5% compared to the previous year, mainly driven by the rise in commodity prices, such as oil and gas, and the acceleration of activity in the transportation sector, as well as strong momentum in other sectors, coinciding with the gradual easing Due to global travel restrictions, "Expo 2020 Dubai" also played a fundamental role in the recovery that Dubai's economy witnessed in general.
cost control
The Corporation stated that its recording of net profits of 10.1 billion dirhams, which indicates a significant positive reflection in profitability, accompanied by improvement in all sectors, pointing out that the growth in revenues, strict control of costs, and a decrease in provisions in the banking, real estate and hospitality sectors helped. The aluminum production operations also contributed effectively to achieving these positive results.
balance sheet
The net profit attributable to shareholders amounted to 5.5 billion dirhams.
The balance sheet was also able to remain at a level above (1) trillion dirhams, with assets and debts declining by 1% each to 1101.1 billion dirhams and 862.7 billion dirhams, respectively, mainly due to the decrease in bank balances against the growth of operating balances. Non-banking, conservative approach to capital spending.
In turn, the group's share of shareholders' equity decreased by 1% to reach 190.6 billion dirhams.
restore profitability
The Managing Director of the Investment Corporation of Dubai, Mohammed Ibrahim Al Shaibani, said: “In 2021, the Investment Corporation of Dubai witnessed a remarkable increase in the volume of its business activity and the restoration of its profitability, while good progress was made at the beginning of the year, despite the disruptions caused by a virus (mutated).” Covid-19), and the second part of the year witnessed a much stronger recovery thanks to the easing of global travel restrictions, and the positive impact of hosting (Expo 2020 Dubai).
He added: “The companies in our portfolio have reaped the fruits of steps taken earlier during the pandemic by protecting their businesses, aligning business models, and enhancing cost-effectiveness.
The proactive measures taken by the UAE government and Dubai leadership in managing the effects of the pandemic have also contributed significantly to the strong recovery of Dubai's economy, and contributed to making Dubai a more attractive place to live and work.
Al Shaibani continued: “Our balance sheet has remained resilient, despite the significant fluctuations in the global economy.
We are proud of the progress our organization has made in terms of recovery and are confident that the group is well positioned and ready to take greater advantage of the new opportunities ahead.”
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