Abu Dhabi-based International Holding Company (IHC) has reported a net profit of AED1.5 billion ($408 million) for the first quarter compared to AED113 million ($30.7 million) last year, mainly driven by growth in the industrials and capital verticals.

 

A strategic investment company, IHC seeks to expand and diversify its holdings across a growing number of sectors, including real estate, agriculture, healthcare, food and beverage, utilities, industries, IT and communications, retail and leisure, and capital.

 

Announcing its financial results for the first three months ended March 31, IHC said its revenues surged to hit AED2.276 billion from last year's figures of AED1.563 billion.

 

The significant improvement in net profit in absolute and percentage terms was mainly due to improved business performance and profits attributable to acquisitions and investments completed in the second half of 2020.

 

IHC’s total assets stood at AED19.7 billion as of March 31, compared to AED14 billion as of December 31, 2020.

 

Comprising more than 25 entities, IHC said it has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. 

 

IHC executed numerous deals during the first quarter. The main highlights include:

 

*60% acquisition of Afkar Financial and Property Investments, which includes businesses in commercial enterprises investment, institution and management, real estate enterprises investment and development

 

*Acquisition of Apex Catering and restructure it into Apex Holding, and acquiring Apex National Investment – real estate; Central Tents Co – merchandise;  Boudoir Interiors – interior design; and RR Facility Management – facility management

 

*Investment 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.

 

*Increased investment in NMDC, which is focsed on dredging, reclamation and marine construction.

 

On its impressive performance, CEO and Managing Director Syed Basar Shueb said: "Our first quarter financials were principally driven by our Industrials and Capital verticals, which provided the main thrust of our revenues."

 

"We recorded AED2.3 billion in revenue, and importantly 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," he added.-TradeArabia News Service