IHC reports impressive 46% revenue growth to AED41.7 billion and 18% net profit jump to AED12.3 billion in H1 2024
International Holding Company (ADX:IHC), the global diversified Abu Dhabi-based conglomerate, announced outstanding results for the first half of 2024 with a net profit of AED 12.3 billion, marking an impressive 18% jump compared to the same period last year.
Revenue reached AED 41.7 billion, representing a 46% year-on-year increase, driven particularly by sustained growth in the real estate & construction, marine & dredging, hospitality & leisure, and technology segments, reflecting the depth of IHC’s expanding asset portfolio and the effectiveness of its operational strategies.
IHC continued to expand its balance sheet, reporting a total asset position of AED 362.9 billion, marking a 37% increase compared to December 2023. This achievement underscores both the company’s diligence and resilience in navigating dynamic market conditions, while maintaining steady growth.
Syed Basar Shueb, CEO of IHC, says: “Our half-year results highlight the relentless pace at which we execute our strategic objectives locally and internationally. Our ability to outperform market growth across key segments, driven by active investments from our subsidiaries, solidifies our position as a market leader. This exceptional team performance is a testament to our continued commitment to innovation, operational excellence, and strategic investment. As we look ahead, our strong financial health and dynamic approach ensure that we are well-positioned for sustained growth and agility throughout the remainder of 2024 and beyond.”
The first half of 2024 was characterized by significant developments across subsidiaries, with strategic initiatives and notable acquisitions in key sectors such as energy, mining, and agriculture & food. These advancements have enabled IHC to create greater value for shareholders while continuing to play a pivotal role in advancing the UAE’s ambitious economic transformation goals.
IHC Group H1 2024 Highlights:
- IHC acquired an equity stake of 14.83% in Grupo Nutresa. Operating in over 18 countries with 48 production plants, Grupo Nutresa is one of the largest food-processing conglomerates in Colombia and Latin America.
- Modon Holding (formerly Q Holding) combined with Modon Properties, Abu Dhabi National Exhibitions Company (ADNEC), MIZA Investments and other real estate assets, for a consideration in the form of 9,491,481 thousand newly issued shares, creating one of the largest real estate companies in the UAE.
- International Resources Holding acquired a 51% equity interest in Mopani Copper Mines in Zambia, one of the biggest mines and exporters of copper and cobalt in the world.
- 2PointZero, following its acquisition of the investment holding Was Four, expanded into the blockchain sector with 49% in Citadel, the Middle East leader in crypto mining.
- IHC pioneered corporate governance by integrating Aiden Insight, an AI-powered virtual entity, as a Board Observer.
- Multiply Group acquired a 100% equity interest in Backlite Media LLC, one of the leading Digital Out-of-Home (DOOH) advertising companies in the UAE.
- Ghitha Holding acquired Marmum Dairy Farm, along with an additional stake in Al Ain Farms, further expanding and consolidating its presence in the dairy industry.
- During the General Assembly meeting on 20 June 2024, IHC shareholders approved the share buyback program totaling up to AED 5 billion, following IHC board’s decision announced in Q1 2024.
Last Updated on 4 months by News Desk 1
