With strong performances across its core sectors, Abu Dhabi-based investment company International Holding Company (IHC) – the most valuable company on Abu Dhabi Stock Exchange (ADX) – reported an 87.6 per cent growth in net profit for the first quarter of 2024 to AED8 billion ($2.18 billion) and 22.5 per cent increase in revenue to AED19.3 billion ($5.26 billion).
All IHC sectors – Real Estate & Construction, Technology, Marine & Dredging, Food, and Services & Others – performed better, leading to increased revenue compared to AED15.7 billion in Q1 2023. IHC’s net profit in Q1 2023 was AED4.3 billion.
Profit after Tax margin was 41.6 per cent and earnings per share was AED2.17 (59 cents).
IHC results were significantly boosted by the strategic consolidation of assets from Q Holding with Modon, ADNEC, Miza Investment, and other entities in February this year. The marine and dredging sector saw continued positive momentum from NMDC.
Syed Basar Shueb, CEO of IHC, commented: “This quarter’s record revenues underscore our ongoing resilience and strategic focus on growth through selective acquisitions that enhance operational synergies and solidify our standing as a global industry leader.
“The Group took a significant step towards achieving its long-term growth and sustainability plans in Q1 2024 with the launch of the next generation holding company, 2PointZero. It aims to focus on key sectors including financial services, mineral and resource management, transformative technology and AI, as well as digital and cryptocurrency ecosystems.
“With the introduction of a new flagship entity, we are optimistic about the future as we continue to diversify our portfolio and penetrate new markets and regions, aiming to maximise our impact. Our dedication to sustainability and staying at the forefront of innovation and technology positions us well to navigate the challenges of a dynamic and evolving economic landscape.”
The IHC board also approved the company’s AED5 billion ($1.36 billion) share buyback programme. This will be executed over a one-year timeframe and is driven by the company’s significant cash flow and a strong balance sheet. It will enhance shareholder value through increased earnings per share.
Follow us on
