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Abu Dhabi conglomerate International Holding Company (IHC) said on Wednesday that its nine-month core profit rose 18.3 per cent year-on-year (YoY) to $4.9 bn (Dhs18bn), on the back of robust growth in core divisions, including real estate and construction and marine and dredging segment.
IHC reported revenues of Dhs64bn in the nine months to September 30, up 49.4 per cent YoY compared to Dhs42.8bn for the same period a year earlier, while its earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at Dhs21.8bn.
“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,” said Syed Basar Shueb, the CEO of IHC.
“With strong momentum heading into the fourth quarter, we are positioned to capitalise on further opportunities while remaining focused on operational excellence and long-term value creation.”
Growth in IHC’s real estate division was driven by growth in Aldar Properties’ robust property development sales, revenue from strategic acquisitions and new projects, and the consolidation of various assets, including Modon, ADNEC and Miza under Modon Holding (formerly Q Holding).
We are pleased to announce our #financialresults for the first nine months of 2024, achieving a robust 49.4% revenue growth to AED 64.0 billion and an 18.3% increase in profit after tax to AED18.0 billion.
Read the full announcement here: https://t.co/BaOElpXjnQ#IHC pic.twitter.com/F3VxaiYg2g
— International Holding Company (@ihc__official) November 6, 2024
The holding firm’s financial position is backed by its total assets of Dhs382.9bn as of September 30, driven by investments and asset transfers, representing a 44.9 per cent growth since December 2023.
Formerly known as International Fish Farming Holding, IHC has grown exponentially to encompass over 900 subsidiaries and boasts a market capitalisation of Dhs899.4bn as of November 7, 2024 – surpassing the market value of major global brands like Walt Disney, McDonald’s, and L’Oréal.
IHC and its unit Sirius International created a new trade-focused holding company, Rorix Holdings, to accelerate trade volumes, attract foreign investment, and foster economic partnerships. The holding firm will offer financial services, trade finance solutions, advisory, commodities, and trade insurance sectors.
The conglomerate said Al Ain Farms will expand its operations into Saudi Arabia following the acquisition of Saha Arabian Farms for Dhs240m, strengthening the footprint of its agribusiness, Ghitha Holding, in the poultry and livestock production sectors.
IHC’s shareholders gave the green light to a $1.36bn (Dhs5bn) share buyback plan in June, which accounts for approximately 0.6 per cent of the conglomerate’s capital.
Read: UAE’s IHC shareholders approve Dhs5bn share buyback program