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Abu Dhabi International holding company Its net profit more than doubled in the second quarter of 2022 as the company continued its aggressive investment strategy through local and international business acquisitions.
Net profit attributable to company owners reached 2.8 billion dirhams ($762.4 million) in the three months to June, up 118 percent from 1.28 billion dirhams a year earlier, IHC said in a report. statement Headed to the Abu Dhabi Stock Exchange on Monday, where its shares are traded.
Revenue in the second quarter rose nearly 50 percent to AED11.34 billion, with all of the company’s subsidiaries recording “solid business performance”, IHC said.
Net profit for the first half of the year also rose 68% year-on-year to AED4.4 billion, while revenue rose more than 120% to AED21.93 billion in the same period.
IHC’s strategic acquisitions of companies in the first half of the year “had a positive impact on the organization’s net assets” as total assets exceeded the company’s liabilities, from AED88.98 billion at the end of 2019 to AED163.69 billion at the end of June. December, it said.
“There is still a lot of work to be done to realize the full potential of our strategy and further strengthen the group’s performance, as other large acquisitions have occurred in the second half of the year, both locally and globally. It will continue for many quarters,” said IHC chief executive Officer Syed Shueb said.
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Updated: August 8, 2022 3:36 pm
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