In the first half of 2023, the International Holding Company (IHC), a diversified conglomerate headquartered in Abu Dhabi, announced a group net profit of AED 10.4B. This represented a modest 0.4 per cent increase compared to the corresponding period in the previous year.
Additionally, the company experienced significant growth in revenue, which surged by 30.8 per cent, reaching AED 28.7B. The group attributed this remarkable revenue growth to the strong performance of several key segments, including marine and dredging, real estate, financial services, and hospitality. They made the announcement on Thursday.
IHC CEO Syed Basar Shueb said: ”The group has remained resilient despite global geopolitical conflicts, supply chain disruptions, and a high inflation environment, all of which have had varying economic effects on our operating businesses. The results confirm that we are on the right track towards the goals we set for ourselves last December, with several acquisitions being completed in H1 2023 and a healthy pipeline paving the way for future growth. IHC Q2 and H1 2023 results have lived up to our expectations.”
During the first half of the year, IHC experienced notable growth in its marine and dredging segment, thanks to the successful acquisition of significant long-term agreements from industry giants ADNOC and Aramco by NMDC. Furthermore, the consolidation of Aldar since Q2 2022 played a vital role in bolstering the expansion of the real estate segment.
IHC’s Strategic Acquisitions in H1 2023
Over H1 2022, the total owner’s equity surged by an impressive 233.3 per cent, reaching AED 75.1B, while the company’s assets as of June 30 reached AED 229.6B, according to Gulf News.
“Sustaining this growth has only been made possible through the unwavering dedication, perseverance and collaborative spirit of our talented management and staff. I am confident that combined with the support of our valuable partners, we will continue to reach new heights and make a positive impact on our business,” Shueb added.
Several acquisitions took place during this period: Alpha Dhabi acquired a 36.4 per cent stake in the National Corporation for Tourism and Hotels for AED 730M, AI Seer Marine made a cornerstone investment of AED 257M into ADNOC Logistics & Services, Alpha Dhabi Hospitality acquired a 51 per cent stake in ADMO Lifestyle Holding for AED 716.5M, Aldar Properties acquired a 75 per cent stake in Basatin Holding for around AED 139M, and Emirates Stallions Group acquired a 23.9 per cent stake in Kizad Communities Development and Services Company.
