IHC’s quarterly revenue reaches Dhs14.2bn
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IHC’s quarterly revenue reaches Dhs14.2bn

IHC’s quarterly revenue reaches Dhs14.2bn

The group’s assets edged up by 3.3 per cent to reach Dhs235.6bn, compared to Dhs228bn a year earlier

IHC quarterly revenue reaches Dhs14.2bn

Abu Dhabi-based International Holding Company (IHC) said its third-quarter revenues jumped by 9.5 per cent year-on-year(YoY), sustained by robust performance by the conglomerate’s key business segments.

IHC’s revenue in Q3 2023 was Dhs14.2bn, a 9.5 per cent YoY increase compared to Dhs12.4bn in the same period a year earlier.

However, the Abu Dhabi holding firm’s profit in Q3 2023 plunged by 65.34 per cent to Dhs4.82bn from Dhs13.91 billion in the same period in 2023.

The group’s net profit in nine months to September 30 dropped by 37.28 per cent to Dhs15.22bn from Dhs24.27bn during the corresponding year ago.

IHC’s assets edged up by 3.3 per cent to reach Dhs235.6bn in the nine months to September 30 compared to Dhs228bn as of last year, driven by multiple acquisitions.

“As global yields are expected to remain higher for longer, we anticipate continued volatility across the markets,” said Syed Basar Shueb, the CEO of IHC.

“Amid this persistently challenging global economic backdrop, we expect our balance sheet strength and financial resilience to continue serving as foundations for the creation of additional shareholder value, as we explore new opportunities both domestically and internationally.”

The group intends to remain focused on optimising its balance sheet and improving shareholder returns. Total owner’s equity grew by 16.3 per cent year-to-date to Dhs78.9bn.

IHC’s extensive portfolio

Founded in 1998 to diversify and develop non-oil business sectors in the UAE, IHC has grown exponentially over the years to become the most valuable listed holding company in the Middle East with a market cap of Dhs879bn as of September 30.

Earlier in November, the conglomerate consolidated its key ‘green businesses’ assets under its unit, Sirius International Holding, leveraging disruptive technologies to engineer ‘sustainability solutions’ that combat climate change.

The four entities that were transferred to Sirius include Green Energy Investment Holding, Green Enterprise Investment Holding, Green Vitality and IHC’s 80 per cent ownership of Rebound Limited.

Multiply Group, one of IHC’s subsidiaries, acquired a 55 per cent stake in outdoor advertising company Media 247 for Dhs225m as part of efforts to expand its portfolio.

The Abu Dhabi-listed firm also increased its shareholding in LVL Technology Holding to 49.38 per cent for a consideration of Dhs22.1m.

Furthermore, IHC’s Q Holding received an offer from Abu Dhabi wealth fund ADQ and IHC Capital to wrap their holdings in Modon Properties, ADNEC and other assets into the real estate holding firm.

The proposed transaction is aimed at creating one of the biggest real estate, hospitality, events, and catering platforms in the Middle East.

The company’s extensive portfolio spans real estate, utilities, healthcare, utilities and food services.

Read: IHC consolidates ‘green businesses’ assets under Sirius International

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