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International holding companyThe UAE’s most valuable listed company tripled its net profit in the third quarter of 2022 on the back of strong performance across all its operating assets.
Net profit attributable to company owners exceeded AED6.4 billion ($1.7 billion) for the three-month period to the end of September, compared with AED2.1 billion a year earlier, IHC said in a report. statement Headed to the Abu Dhabi Stock Exchange on Tuesday, where its shares are traded.
Revenue in the third quarter rose about 48% to AED12.4 billion.
IHC was established in 1998 as part of the UAE’s plan to diversify and develop non-oil business sectors. At the close on Tuesday, the company had a market capitalization of about AED736 billion.
“This is an excellent result, and we can all be proud of it. It reflects the strength of IHC’s development in recent years,” said IHC CEO Syed Shueb.
The company said the continued momentum of local and international strategic direct and indirect acquisitions was the main driver of the higher growth rate than the same period last year.
The moves lifted the company’s total assets from AED64.4 billion in the third quarter of last year to AED198.8 billion in the July-September period.
Major contributors to total liquid assets include Alpha Dhabi Holding, Q Holding, International Securities, Al Seer Marine and Multiply Group, IHC said.
Net profit attributable to company owners for the first nine months of the year rose 129% year-on-year to more than AED10.8 billion, while revenue rose more than 87% to AED34.3 billion.
The company’s cash and bank balances totalled AED31.8 billion in the September quarter, compared to nearly AED20.3 billion last year.
The company’s total acquisitions in the third quarter were valued at more than AED13.5 billion, including the AED10 billion Taqa deal, the AED1.8 billion Kalyon Enerji deal, Burjeel holding AED1.5 billion and AED 250 million from Emircomof which IHC has a majority stake.
IHC’s goal is to publicly list more companies in the ADX growth market.
The company has grown into one of the most valuable listed holding companies in the Middle East and has expanded into countries such as India and Turkey.
IHC’s acquisitions over the three-month period are focused on supporting its future growth plans to strengthen its operations in target areas such as technology, including a 55% stake in Cyber Gate Defense, and the completion of the acquisition of Bayanat 15 % of cornerstone investments. end of the quarter, it said.
The company said it aims to build a huge technology holding unit by 2024 to deepen investment in this area.
Last month, IHC also did a Entering the South American market AED 734 million investment in a Colombian company. It launched a $2.1 billion bid through its subsidiary IHC Capital to buy a stake in Colombia’s Grupo Nutresa.
Going forward, IHC will continue to seek “large acquisitions in the fourth quarter” to boost its profits, the company said.
“IHC plans to continue to focus on global market expansion, and we have an ambitious long-term goal of increasing the number of acquisitions of our global business by 70% over the next 12 months,” said Mr. Shueb.
“Our strong financial performance positions us well to enter new areas. IHC’s expansion and acquisition appetite will remain strong going forward as we continue to focus on our ability to inform our growth path, including how we handle acquisitions, Because that’s one of our competitive advantages.”
Updated: 11/9/2022 4:20AM
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