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International Holding Company (IHC), one of the largest corporate investment holding companies in the Middle East and Africa, is headquartered in Abu Dhabi and reported a 236 percent rise in profit for the first nine months to 24 billion dirhams ($6.53 billion). Compared with the same period last year.
Profit also beat its raw full-year profit forecast of AED17 billion, the company said.
Continued momentum in local and international strategic direct and indirect acquisitions was the main driver behind the company’s higher-than-year-ago growth, with total assets rising to AED 198.8 billion from AED 64.4 billion in Q3 2021.
“This is an outstanding result, of which we can all be proud. It reflects the strength that IHC has developed in recent years. The discipline, continuity of our team and the drive to drive our organization forward,” said Syed Basar Shueb, CEO of IHC. The irrepressible will to develop is truly impressive. ”
As of September 30, 2022, IHC’s current assets (including its subsidiaries) increased by 138% compared to December 31, 2021.
Major contributors to total liquid assets include Alpha Dhabi Holding, Q Holding, International Securities, Al Seer Marine and Multiply Group. Cash and bank balances totaled AED 31.8 billion in Q3 2022, compared to AED 20.25 billion in 2021.
IHC revenue climbed to AED 34.3 billion, up 87% from AED 18.3 billion in the third quarter of last year, as the company emerged stronger in the current competitive business environment. Quarterly revenue growth was driven by continued demand from all business activities and strategic acquisitions over the past 12 months, including Aldar Properties, Arena Events Limited, Yas Clinic, Abu Dhabi Stem Cells Center, Reem Investments, Abu Dhabi Vegetable Oil Company (Advoc ), Ras Al Khaimah Cement Investment (RAKCIC), Emircom and Cyber Gate Defense.
While the IHC subsidiary had aggressive growth plans in the fourth quarter, the company’s third-quarter performance was positively impacted by the subsidiary’s solid operating performance for nine months this year, the company said.
IHC’s top five revenue contributors for the nine-month period ended September 30, 2022 included energy, the food sector, healthcare, real estate and utilities, followed by the group’s other verticals in the private sector.
Leading the acquisition market
International holding companies increased their M&A activity, including in India and Turkey. The company’s acquisitions in the third quarter of 2022 have a combined value of more than AED13.5 billion, including the AED10 billion TAQA deal, AED1.8 billion Kalyon Enerji and AED1.5 billion Burjeel Holding, as well as 2.5 billion 100 million dirham-based Emircom, meanwhile aims to publicly list more of its companies in the ADX growth market. IHC will continue to pursue large acquisitions in the fourth quarter to boost its bottom line, it said. – trade arab news agency
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