Real Estate and Construction Segment Drives IHC’s Revenue Growth by 49.4% for the Nine-Month Period
International Holding Company (IHC), the largest publicly listed holding firm in the Middle East with a market cap of AED 892.8 billion ($243.1 billion), reported a 49.4% surge in revenue for the nine months ending 30 September 2024, reaching AED 64 billion ($17.43 billion). This strong performance led to an 18.3% increase in profit after tax (PAT), totaling AED 18 billion ($4.9 billion).
The company’s earnings before interest and taxes (EBIT) grew 24.9% year-on-year, totaling AED 21.8 billion ($5.94 billion). Strategic investments and key asset transfers boosted IHC’s total assets to AED 382.9 billion ($104.3 billion), reflecting a 44.9% rise since December 2023.
The company’s real estate and construction segment outperformed due to a rise in Aldar’s property sales, strategic acquisitions, new projects, and the consolidation of assets like Modon Holding (formerly Q Holding). The marine and dredging sector also saw gains, supported by project wins and steady progress led by NMDC.
Syed Basar Shueb, CEO of IHC, stated, “Our nine-month results highlight the resilience and the precision of our strategic execution across key sectors. We’ve seen robust activity throughout our diversified portfolio, driving consistent, value-enhancing growth.” He expressed confidence in maintaining strong momentum in Q4, focusing on operational excellence and long-term value creation to benefit shareholders.
The reporting period also marked significant milestones for IHC, including the launch of Rorix Holdings, a trade finance and advisory firm, and the successful IPO of NMDC Energy, which was oversubscribed by 31.3 times. Additionally, Al Ain Farms’ acquisition of Saha Arabian Farms enhanced IHC’s presence in Saudi Arabia’s poultry and livestock sector.
Founded in 1998 to diversify the UAE’s economy, IHC now operates over 1,000 subsidiaries across diverse sectors such as asset management, healthcare, real estate, marine and dredging, IT, financial services, food production, utilities, and more.
