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Abu Dhabi-based International Holding Company (IHC) has announced its financial results for the first quarter of 2023. The company posted a group net profit of AED 4.3 billion, an increase of 20.5% compared to the first quarter of 2022, and a net profit margin of 27.1%.
Immunohistochemistry Strong revenue growth of 50% compared to Q1 2022, reaching AED 15.7 billion in Q1 2023.
This growth was driven by strong performances in asset management, healthcare, IT and communications, real estate and construction, marine and dredging, financial services, food, utilities and services.
IHC subsidiary plays key role in growth
Syed Basar Shueb, CEO of IHC, said: “The post-pandemic UAE economy has strengthened and will contribute to these profits. Collectively, our subsidiaries play a key role in our growth business model today and as We seek new business acquisitions and continue to create shareholder value, and they will play an even greater role in the future.
“However, in the second quarter, we will also focus on developing new businesses and continue to improve our business operations by integrating more technology systems and introducing artificial intelligence solutions in different business verticals.”
#international holding company Job growth of 20.5% #the first season Net profit was AED 4.3 billion. https://t.co/nwX8NhjsdM pic.twitter.com/IjzhJZXaza
— International Holding Company (@ihc__official) May 11, 2023
The integration of Aldar by IHC’s subsidiary Alpha Dhabi has been a contributing factor to growth in the real estate sector since the second quarter of 2022. The acquisition of National Health Insurance (Daman) in October 2022 also boosted financial services.
#international holding company Subsidiary #AlphaDhabi Light up its first quarter of 2023 with a net profit of Dh7.3b up from 161%. https://t.co/buAlwIFOmf pic.twitter.com/FfZ1sHxEYG
— International Holding Company (@ihc__official) May 5, 2023
Shueb added: “In early 2023, there are some positive signs for the global economy as inflation and energy prices come down from their peak levels. The results show that IHC is delivering on its promises and the first quarter results reflect our business in global market conditions strength and resilience despite the slowdown in some markets.”
As of March 31, IHC’s financial position is supported by its total assets of AED 217.4 billion. Although total borrowings rose by 6.5% to AED 42.5 billion, this was mainly due to the company’s strategic investments in new businesses and organic growth. This move allowed IHC to grow its business and strengthen its position in important markets.
“Established business acquisitions will continue to be one of our key growth strategies; however, in the second quarter we will also focus on newly developed businesses and by integrating more technology systems and introducing AI solutions in different business verticals program and continue to improve our business operations,” Shueb said.
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