Abu Dhabi-based investment firm International Holding Company (IHC) – the most valuable entity listed on the Abu Dhabi Stock Exchange (ADX) – recorded a notable 87.6 per cent surge in net profit for the first quarter of 2024, reaching AED 8B ($2.18B), alongside a 22.5 per cent uptick in revenue to AED 19.3B ($5.26B).
All divisions within IHC – Real Estate & Construction, Technology, Marine & Dredging, Food, and Services & Others – delivered improved results, contributing to the increased revenue compared to AED 15.7B in Q1 2023. In the same period of 2023, IHC’s net profit amounted to AED 4.3B.
The Profit after Tax margin stood at 41.6 per cent, with earnings per share reaching AED 2.17 (59 cents).
The solid performance of IHC was notably boosted by the strategic consolidation of assets from Q Holding with Modon, ADNEC, Miza Investment, and other entities in February of this year. The marine and dredging sector continued to experience positive momentum from NMDC.
Commenting on the results, Syed Basar Shueb, CEO of IHC, stated: “The record revenues achieved this quarter underscore our ongoing resilience and strategic focus on growth through targeted acquisitions that enhance operational synergies and reinforce our position as a global industry leader.”
“The Group took a significant step towards realising its long-term growth and sustainability objectives in Q1 2024 with the launch of the next-generation holding company, 2PointZero. It aims to concentrate on key sectors including financial services, mineral and resource management, transformative technology and AI, as well as digital and cryptocurrency ecosystems.”
“With the introduction of a new flagship entity, we are optimistic about the future as we continue to diversify our portfolio and enter new markets and regions, striving to maximise our impact. Our commitment to sustainability and remaining at the forefront of innovation and technology positions us well to navigate the challenges of a dynamic and evolving economic landscape.”
Additionally, the IHC board approved the company’s AED 5B ($1.36B) share buyback programme. This initiative, set to unfold over a one-year period, is driven by the company’s robust cash flow and strong balance sheet, aiming to enhance shareholder value through increased earnings per share.
