International Holding Company (IHC), the global diversified conglomerate based in Abu Dhabi, released its financial results for the third quarter of 2023. The company reported a quarterly group revenue of Dh14.2 billion, marking a 9.5% increase over Q2 2023.
Financial Resilience in Challenging Global Economic Environment
For the nine-month period ending in September 2023, IHC posted a profit after tax of Dh15.2 billion, compared to Dh24.3 billion in the same period of 2022. Syed Basar Shueb, CEO of IHC, expressed confidence in the company’s financial resilience and balance sheet strength, emphasizing their commitment to creating shareholder value amid global economic challenges and market volatility.
Strengthening Balance Sheet and Maximizing Shareholder Returns
In Q3 2023, IHC saw a 3.3% growth in total assets, a 1.3% reduction in total liabilities compared to December 2022, and a 16.3% increase in total owner’s equity, which reached Dh78.9 billion. The company remains focused on optimizing its balance sheet and enhancing shareholder returns.
Promising Growth Outlook for 2023 and Beyond: IHC
Shueb noted that despite existing challenges, IHC is well-positioned for strong results in 2023, with key verticals experiencing organic growth. This includes NMDC Energy (formerly known as NPCC) securing significant long-term contracts and the real estate portfolio achieving record sales. The company also aims to rebalance its investment portfolio, promote vertical integration among its subsidiaries, and explore new sectors.
Commitment to Sustainability and Net Zero by 2050
Sustainability is a central focus for IHC as it supports the UAE’s Net Zero by 2050 initiative. The company is working with its portfolio companies to achieve net-zero emission targets and drive sustainability efforts in collaboration with other organizations.
Diversified Portfolio with a Focus on Growth and Innovation: IHC
IHC, with its diverse portfolio of subsidiaries, continues to expand and diversify its holdings across various sectors, including asset management, healthcare, real estate, construction, marine and dredging, IT and communications, financial services, food production and services, utilities, and services. As one of the largest conglomerates in the Middle East, IHC remains committed to growth, innovation, and redefining the marketplace for its stakeholders.