Abu Dhabi-based International Holding Company (IHC) has registered a strong triple-digit revenue growth percentage in the first six months of this year on the back of acquisitions.
The multi-sector conglomerate posted revenue growth of 304 percent to AED9.93 billion compared to the same period last year, while net profit soared by 436 percent to AED4.36 billion.
The company said the growth was mainly driven by strategic “acquisition of companies under common control through business combinations”.
IHC said its tactical acquisitions have resulted in significant strengthening of its balance sheet with total assets increasing from AED14.01 billion at the end of last year to AED58.32 billion at the end of June 30.
Syed Basar Shueb, IHC’s CEO and managing director, said: “IHC has produced exceptional growth over the last year despite the challenging economic environment for many sectors of the global economy.
“We are pursuing a strategy that combines transformative acquisitions with further organic growth by our major verticals, and have already built a conglomerate with diversified and complementary business activities that extend across the region. IHC maintains a strong appetite for further expansion and will look to harness increased revenue and operational synergies across the group.”
During the period, IHC has also listed two of its subsidiaries – Alpha Dhabi Holding and Emirates Stallion Group – on the Abu Dhabi Securities Exchange helping to unlock shareholder value.
Follow us on
