Summary:
- IHC’s Net Profit Rises 18% to Dhs12.3 Billion in H1 2024
- Revenue Surges 46% to Dhs41.7 Billion; Total Assets at Dhs362.9 Billion
- IHC Launches Rorix Holdings; Market Cap Hits Dhs891.7 Billion
Abu Dhabi conglomerate International Holding Company (IHC) reported an 18% increase in its first-half net profit, reaching Dhs12.3 billion compared to Dhs10.4 billion a year ago, driven by strong growth and acquisitions in key sectors such as energy, mining, and agriculture.
IHC’s revenue for H1 2024 was Dhs41.7 billion, a 46% increase from Dhs28.7 billion in the same period last year, reflecting sustained growth across its operations. The company’s financial stability is underscored by total assets of Dhs362.9 billion as of June 30, demonstrating its capacity to manage dynamic market conditions while continuing to grow.
CEO Syed Basar Shueb highlighted the company’s strategic execution and market leadership, noting that IHC’s robust financial health and proactive investment strategy position it well for continued growth in 2024 and beyond.
IHC also launched a new trade-focused subsidiary, Rorix Holdings, aimed at boosting trade volumes, attracting foreign investment, and developing economic partnerships. This follows the establishment of 2PointZero earlier in the year.
With a diverse portfolio, including Abu Dhabi’s latest fund, Lunate, and investments in companies like Chimera and Citadel Technologies, IHC’s market capitalization reached Dhs891.7 billion as of August 7, 2024, surpassing major global brands. In June, shareholders approved a Dhs5 billion ($1.36 billion) share buyback plan, representing about 0.6% of the company’s capital.
Full report can be accessed here.
Main author: Kudakwashe Muzoriwa
Source: Gulf Business
