International Holding Company’s H1 2022 net profit rises 137 per cent to Dhs10.35bn

Abu Dhabi-based conglomerate International Holding Company (IHC) has reported robust profits for H1 2022.

International Holding Company’s revenue grew by 121 per cent to Dhs21.93bn in the first six months of 2022, compared to the same period last year, while net profit rose 137 per cent to Dhs10.35bn as compared to H1 2021.

The holding company’s strategic acquisition of companies in H1 2022 boosted the organisation’s net worth, as the total assets exceeded the company liabilities increasing from Dhs88.98bn by the end of December 31, 2021, to Dhs163.69bn at the end of June 30, 2022, reflecting an  84 per cent growth.

Syed Basar Shueb, IHC’s CEO, said, “There remains much to be done to capture our strategy’s full potential, strengthening the group’s performance even further, as other mega acquisition deals present themselves in the second half of this year, locally and globally. It will continue for many quarters.”

He added: “Despite ongoing global market volatility, this first half performance demonstrated the versatility of IHC’s portfolio as the Group’s net profit reached Dhs10.35bn in the second quarter of 2022, rising 137 per cent as compared to June 2021, as a result of major strategic acquisitions and subsidiaries solid performance, while Revenue increased 121 percent to Dhs21.93bn for the six months as compared to the same period in the previous year.”

Strategic investments
The company invested Dhs7.3bn ($2bn) in the Indian conglomerate, Adani Group, and also acquired a 70 per cent stake in Arena, the global event structures and services company. The company invested another Dhs92m ($25m) into SpaceX and bought a 25 percent share in the Dubai-based trading company Invictus.

Moreover, the company’s board has approved the acquisition of three new companies, Cyber Gate, Reach, and Emircon, subject to the authority’s approval.

While IHC continues to deliver on its strategic growth plans, expanding its portfolio to 372 subsidiaries, an increase of 49 up from 323 in Q1 2022, the workforce is now measuring 52,345 employees, growing by over 30,000 since the first quarter of last year.

“Before you can even think about your company’s growth trajectory, you need a solid team to help you achieve your goals,” Shueb said.