Prime Highlights
- IHC’s first-half profit after tax rose sharply to AED26.2 billion, nearly triple the amount recorded a year earlier.
- Revenue increased 34.5 percent to AED64.9 billion, driven by growth across real estate, energy, hospitality and technology segments.
Key Facts
- International Holding Company (IHC) is an Abu Dhabi-based investment holding firm with diversified business operations.
- IHC invested about AED14 billion in associates, joint ventures and real estate during the first half of the year.
Background
Abu Dhabi-based International Holding Company (IHC) has reported a sharp rise in profit for the first half of the year, supported by higher revenue across several business segments and gains from its investment portfolio.
Profit after tax for the six months ended June rose to AED26.2 billion, up from AED8.9 billion a year earlier. Revenue increased 34.5 percent year-on-year to AED64.9 billion, while gross profit rose 41 percent to AED16.8 billion. Profit before tax climbed 180.2 percent to AED28 billion, with earnings per share rising to AED8.21.
The company said revenue growth was largely driven by its energy and mining, hospitality and leisure, real estate and construction, financial services and technology businesses. Real estate and construction remained IHC’s largest revenue contributor at AED20.9 billion, up 10.4 percent. Marine and dredging revenue rose 4.5 percent to AED14.7 billion, while energy and mining generated AED12.3 billion.
Hospitality and leisure revenue more than doubled to AED5.2 billion, financial services revenue rose 62.8 percent to AED3 billion, food revenue increased 26.9 percent to AED3.4 billion, and technology revenue gained 35.2 percent to AED1.9 billion. The company noted that profit also benefited from investment income within its financial services business.
Total assets rose 9.6 percent to AED469.7 billion, while total equity increased 7 percent to AED268.3 billion. Cash and bank balances stood at AED72.9 billion.
Chief executive Syed Basar Shueb said the results reflected sustained efforts across teams and portfolio companies, along with long-term investment decisions. Total debt rose to AED99.8 billion as IHC raised financing to support its investment programme, including two $1 billion hybrid note issuances, while the company invested about AED14 billion in associates, joint ventures and real estate during the period.
