Abu Dhabi-based International Holding Company (IHC) has revealed a six-fold increase in net profits for 2020 to AED3 billion ($816.9 million), driven by a number of acquisitions as well as organic growth across its diversified portfolio.
According to a statement on Sunday, the strategic investment company reported annual revenues of AED7 billion ($1.9 billion), up over 455 percent from AED1.26 billion ($343.1 million) in 2019.
Syed Basar Shueb, IHC’s chief executive officer and managing director, said: “IHC has transformed into a major investment company that benefits from a robust balance sheet and a highly diversified portfolio that spans six vertical segments.”
The statement said IHC has experienced “rapid expansion” across its major business segments, including healthcare, food products, real estate, agriculture and digital technologies.
IHC has taken stakes in California-based aerospace company SpaceX through a private equity fund, as well other investments in UK-based DNA sequencing firm Oxford Nanopore technologies, New York digital marketing company Yieldmo, and Abu Dhabi National Oil Company (ADNOC).
Basar Shueb said: “Although our growth has been partially driven by strategic acquisitions and investments, our subsidiaries have also delivered strong organic revenue growth of 165 percent, displaying significant resilience when faced with considerable global macro-economic challenges.
Syed Basar Shueb, chief executive officer and managing director of International Holding Company (IHC)
“IHC has built a solid platform for value creation in the coming years, and we are well positioned to invest further in high potential opportunities.”
IHC’s portfolio currently comprises more than 25 entities, spread over six vertical segments: industrial, capital, digital, food, utilities and real estate, with plans to expand in 2021 to include education, leisure and retail, agriculture and healthcare.
Total assets increased to AED14 billion ($3.8 billion) as of December 31, 2020, from AED4 billion ($1.1 billion) a year earlier; the company held cash and cash equivalents of AED3.7 billion ($1 billion) at the end of last year.
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