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Abu Dhabi-based diversified conglomerate International Holdings (IHC) posted record profits in the first half of 2022 as the company continued its aggressive investment strategy.
The solid business performance of all IHC subsidiaries resulted in a significantly stronger balance sheet for the group, with revenue rising 121% to AED21.93 billion (US$5.97 billion) in the first six months of 2022 compared to the same period last year, compared with 2021. Compared with the first half of the year, net profit rose 137% to AED10.35 billion (US$2.82 billion).
IHC’s strategic acquisitions of companies in the first half of 2022 had a positive impact on the organization’s net assets as total assets exceeded company liabilities, increasing from AED88.98 billion at 31 December 2021 to AED163.69 billion by end-2021 Ram June 30, 2022 – 84% increase.
Syed Basar Shueb, CEO of IHC, commented: “There is still a lot of work to be done to realize our full strategic potential and further strengthen the group’s performance, as other large acquisitions have been made locally and globally in the second half of the year. . It will last for many quarters.”
In the second quarter of 2022, IHC and India’s Adani Group completed a AED7.3 billion ($2 billion) strategic investment deal in the green energy sector, one of the largest deals between the UAE and India, accounting for two 4.87% of the total trade volume between the two countries.
The company’s board of directors has approved the acquisition of three new companies, Cyber ​​Gate, Reach and Emircon, subject to approval by the authorities. While IHC continues its strategic growth plan to expand its portfolio to 372 subsidiaries, an increase of 49 from 323 in the first quarter of 2022, the number of employees now stands at 52,345, an increase since the first quarter of last year More than 30,000 people.
IHC includes 8 listed subsidiaries: Alpha Dhabi, Multiply, ESG, Palms Sports, Al Seer Marine, Ghitha, EasyLease and Q Holding, with AED 1.8 billion in capital in various sectors including real estate, agriculture, healthcare, food and beverages, utilities, industrial, IT and communications, retail, entertainment, leisure and capital.
IHC’s eight listed companies have delivered consistently strong returns to shareholders, increasing IHC’s earnings per share by AED1.54 from AED0.88 in Q1 2022 to AED2.42 in H1 2022 . – arab trade news agency
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