Abu-Dhabi based International Holding Company (IHC) reported AED1.5 billion ($408 million) in net profit for Q1 2021, a statement from the company said.
The company reported net profit of AED 1.5 billion for Q1 2021 (versus AED113 million a year earlier) driven by growth in the industrials and capital verticals. Revenues in the first quarter 2021 were AED2.276 billion, up from AED1.563 billion in Q1 2020.
“Our first quarter financials were principally driven by our Industrials and Capital verticals, which provided the main thrust of our revenues… and these results highlight our ability to grow our operations despite the economic challenges and to acquire the right businesses that add genuine value and bring synergies to our conglomerate,” Syed Basar Shueb, IHC’s Chief Executive Officer and Managing Director said.
IHC’s total assets stood at AED19.7 billion as at March 31, 2021, compared to AED14 billion as at December, 31 2020.
During the first quarter, IHC acquired 60 percent of Afkar Financial and Property Investments LLC, which includes businesses in commercial enterprises investment, institution and management, real estate enterprises investment and development.
It also acquired Apex Catering and restructured it into Apex Holding and acquired Apex National Investment, Central Tents Co, Boudoir Interiors, and RR Facility Management.
Syed Basar Shueb, IHC’s Chief Executive Officer and Managing Director
Further, IHC invested in Sinovation Disrupt Fund, LP, a US-based fund investin primarily in equity and equity-linked securities of privately held companies focused on AI and other advanced enabling technologies.
It also increased investment in NMDC, which is focsed on dredging, reclamation and marine construction.
Follow us on
