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Investment Corporation of Dubai (ICD) witnessed a 19.3 percent decline in profit to its owner in 2018 to 16.3 billion United Arab Emirates dirhams ($4.37 billion), newly-filed accounts show.
Profit declined at the sovereign fund despite a 15.7 percent increase in revenue to 232.4 billion.
ICD, which owns the Emirates airline group, Emirates National Oil Co and which has stakes in banks such as Emirates NBD and the soon-to-merge Dubai Islamic Bank and Noor Bank, attributed the decline in profit to "the impact of higher fuel and commodity input prices".
Total assets increased by 4.1 percent to 879.2 billion, which was mainly due to an increase in loans and receivables issued by its banking and financial services segment, the statement said. Liabilities were also up by 4 percent, driven by higher customer deposits in banks.
ICD's share of net equity increased by 4 percent to 237.7 billion dirhams through the addition of retained profits.
In a statement announcing the company's results, Mohammed Ibrahim Al Shaibani, executive director and CEO of ICD, said: “In 2018, the portfolio of ICD demonstrated resilience by delivering a strong operational and financial performance despite challenging market conditions and uncertainties."
He added: "ICD remains focused on growing its key businesses and achieving operational efficiencies that will support long-term growth and contribute to the prosperity of Dubai.”
(Writing by Michael Fahy; Editing by Mily Chakrabarty)
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