International Holding Company (IHC), a diversified Abu Dhabi-based conglomerate, has posted new record profit in the first half of 2022, as the company continues its aggressive investment strategy.
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 ($5.97 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 ($2.82 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 December 31, 2021, to AED163.69 billion at the end of June 30, 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.”
In the second quarter of 2022, IHC completed a AED7.3 billion ($2 billion) strategic investment deal in the green energy sector with India's Adani Group, one of the largest deals between the UAE and India, representing 4.87% of the total trade between the two countries.
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 of 2022, the workforce is now measuring 52,345 employees, growing by over 30,000 since the first quarter of last year.
IHC comprises 8 listed subsidiaries: Alpha Dhabi, Multiply, ESG, Palms Sports, Al Seer Marine, Ghitha, EasyLease, and Q Holding, with a capital of AED1.8 billion in a wide array of sectors, including real estate, agriculture, healthcare, food and beverages, utilities, industrial, IT and communications, retail, entertainment, leisure, and capital.
IHC’s eight listed companies show consistently strong returns for shareholders, resulting in a AED1.54 gain in earnings per IHC share from AED 0.88 in Q1 2022 to AED 2.42 fils in the first Half of 2022. – TradeArabia News Service