Abu Dhabi-based IHC posts record profits

WAM

International Holding Company PJSC (IHC), a diversified Abu Dhabi-based conglomerate, has posted new record profits in the first half of 2022.

The figures reflect the company's continued aggressive investment strategy through a focused, high-conviction approach, targeting local and international business acquisitions with sustainable earnings and cash flow growth.

The solid business performance across all IHC subsidiaries has resulted in a significant strengthening of the conglomerate’s balance sheet, as revenue grew by 121 per cent to AED 21.93 billion in the first six months of 2022, compared to the same period last year, while net profit rose 137 per cent to AED 10.35 billion as compared to H1 2021.

IHC's strategic acquisition of companies in H1 2022 had a positive impact on the organisation's net worth, as the total assets exceeded the company liabilities increasing from AED 88.98 billion by the end of 31st December, 2021, to AED 163.69 billion at the end of 30th June, 2022, a growth of 84 per cent.

Syed Basar Shueb, IHC’s Chief Executive Officer, commented, "There remains much to be done to capture our strategy's full potential, strengthening the group's performance even further, as other mega acquisition deals present themselves in the second half of this year, locally and globally. It will continue for many quarters."

In its strategic investments toward a stellar performance, IHC Invested AED 7.3 billion (US$2 billion) in the Indian conglomerate Adani Group, and Acquired 70 per cent stake in Arena, the global event structures and services company. As per a May filing, IHC invested another AED 92 million (US$25 million) into SpaceX, and bought a 25 per cent share in the Dubai-based trading company Invictus.

Moreover, the company’s board has approved the acquisition of three new companies, Cyber Gate, Reach, and Emircon, subject to the authority's approval.

While IHC continues to deliver on its strategic growth plans, expanding its portfolio to 372 subsidiaries, an increase of 49 up from 323 in Q1 2022, the workforce is now measuring 52,345 employees, growing by over 30,000 since the first quarter of last year.

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