The conglomerate said its revenues surged by 30.8 per cent year-on-year to Dhs28.7bn as the company sustains its growth trajectory
Abu Dhabi-based International Holding Company (IHC) said its half-year net profit rose to $2.8bn (Dhs10.4bn) accompanied by a net profit margin of 36.3 per cent as the global economies have been grappling with a multitude of shocks, including geopolitical ramifications, high inflation and soaring interest rates.
“The group has remained resilient despite global geopolitical conflicts, supply chain disruptions and a high inflation environment, all of which have had varying economic effects on our operating businesses,” said Syed Basar Shueb, CEO of IHC.
“The results confirm that we are on the right track towards the goals we set for ourselves last December, with several acquisitions being completed in H1 2023 and a healthy pipeline paving the way for future growth.”
IHC, in a regulatory filing, said its revenues surged by 30.8 per cent year-on-year to Dhs28.7bn in H1 2023 compared to the same period as the conglomerate sustained its growth trajectory. The company attributed its performance to the quality and resilience of its assets, particularly in the marine and dredging, real estate and financial services portfolios.
The holding company said it is leveraging its asset portfolio to advance the UAE’s ambitious economic transformation strategy while significantly to the country’s overall economic development.
IHC’s H1 2023 key highlights
IHC registered significant growth in its marine and dredging portfolio, driven by the acquisition of large long-term agreements from industry giants ADNOC and Aramco by its subsidiary, National Marine Dredging Company (NMDC).
The company said the consolidation of Aldar Properties since the second quarter of last year played a pivotal role in bolstering the expansion of the conglomerate’s real estate portfolio. Aldar invested $139m in Basatin Holding for a 75 per cent stake.
“This achievement underscores the company’s strength and strategic acumen in navigating dynamic market conditions while ensuring steadfast growth,” IHC said in a statement.
Similarly, total owner’s equity rose by 233.3 per cent to Dhs75.1bn compared to the previous year. Alpha Dhabi acquired a 36.4 per cent stake in the National Corporation for Tourism and Hotels for Dhs730m. The investment firm’s hospitality segment, Alpha Dhabi Hospitality, bought a 51 per cent stake in ADMO Lifestyle Holding for Dhs716.5m.
IHC’s subsidiary Al Seer Marine made a cornerstone investment of Dhs257m into ADNOC Logistics & Services. The conglomerate’s subsidiary Emirates Stallions Group also acquired a 23.9 per cent stake in KIZAD Communities Development and Services Company.
Founded in 1998, IHC has grown exponentially over the years through acquisitions both inside and outside the UAE. The company, which is majority-owned by a group headed by Sheikh Tahnoun bin Zayed Al Nahyan, the UAE’s national security adviser and brother to UAE President Sheikh Mohammed bin Zayed, has a market capitalisation of $236bn as of August 3, 2023.
Over the years, the conglomerate has grown exponentially through acquisitions both inside and outside the UAE as it continues to bolster its portfolio that spans real estate, utilities, healthcare and food services.
0 comments