Friday 09 December 2022 - 5:54:03 am

IHC reports over AED10.3 billion in net profits in H1 2022

ABU DHABI, 8th August, 2022 (WAM) -- International Holding Company PJSC (IHC), a diversified Abu Dhabi-based conglomerate, has posted new record profits in the first half of 2022, as the company continues its 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 percent to AED21.93 billion in the first six months of 2022, compared to the same period last year, while net profit rose 137 percent to AED10.35 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 AED88.98 billion by the end of 31st December, 2021, to AED163.69 billion at the end of 30th June, 2022, an immense 84 percent growth.

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."

"Despite ongoing global market volatility, this first half performance demonstrated the versatility of IHC's portfolio as the Group's net profit reached AED10.35 billion in the second quarter of 2022, rising 137 percent as compared to June 2021, as a result of major strategic acquisitions and subsidiaries solid performance, while Revenue increased 121 percent to AED21.93 billion for the six months as compared to same period in the previous year," he added.

In its strategic investments toward a stellar performance, IHC Invested AED7.3 billion (US$2 billion) in the Indian conglomerate Adani Group, and Acquired 70 percent stake in Arena, the global event structures and services company. As per a May filing, IHC invested another AED92 million (US$25 million) into SpaceX, and bought a 25 percent 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. "Before you can even think about your company's growth trajectory, you need a solid team to help you achieve your goals," Shueb said.

WAM/Khoder Nashar/Hazem Hussein