UAE– Mubasher: Investment Corporation of Dubai (ICD) posted 7.7% year-on-year (YoY) lower revenues of AED 106.3 billion during the first half (H1) of 2019 ended 30 June, according to the consolidated financials.

The decrease in revenues is attributed to lower oil prices, according to a press release on Thursday.

Meanwhile, the company saw higher net profits by 4.4% YoY, reaching AED 10.5 billion, thanks to the higher performance of the banking and financial services and transportation segments.

Moreover, the assets stood at AED 971.1 billion in H1-19, up by 10.4% from the corresponding period in 2018.

Commenting on the results, ICD’s executive director and CEO, Mohammed Ibrahim Al Shaibani, said, “During the first six months of 2019, although not immune to the global growth slowdown and the volatility of key commodities, the ICD Group produced a solid performance showing the resilience of its activities.”

He added, “The diversification of its operations and the focus on improving further efficiencies and growing ICD core businesses helped weather challenging market conditions as ICD continues on its journey towards the realization of its long-term goals for the prosperity of Dubai.”