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Dubai ICD's profits slip on lower oil, gas revenues

DUBAI, June 28, 2016

Investment Corporation of Dubai (ICD), which holds stakes in some of the emirate's top companies, posted a 3.7 per cent drop in profit last year as revenue from oil and gas products and services fell.

Profit attributable to equity holders of the company slipped to Dh22.9 billion ($6.24 billion) in 2015, from Dh23.79 billion in the prior year, according to an earnings statement posted on Dubai's stock exchange.

Revenue from oil and gas products and services sank to Dh49.67 billion in 2015, compared with Dh71.20 billion in the year earlier.

State-owned ICD has stakes in some of the emirate's highest-profile brands, including Emirates airline, Emaar Properties and Emirates NBD.

In August 2015, 100 per cent ownership of low-cost carrier Flydubai was transferred to ICD following a decree by the ruler of Dubai, according to the statement.

During the year, distributions totalling Dh6.86 billion were made to the government, up from Dh2.77 billion in 2014. It gave no reason for the increased payment.-Reuters




Tags: Oil | dubai ICD |

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