International Holdings (IHC) said its annual net profit soared 181% to a record $8.9 billion (Dh32.6 billion) in 2022, driven by the company’s “robust business strategy”. The holding company’s best profit record to date.
The company’s net profit in the fourth quarter of 2022 jumped 91% to AED 8.3 billion, up sharply from AED 4.3 billion in the same period last year. IHC, the UAE’s most valuable listed company, said its revenue soared 78% to AED50.9 billion in 2022, boosted by the performance of its subsidiaries and the group’s strategic acquisitions completed during the year.
The Abu Dhabi-based company said in a report: “The consistency of IHC revenue growth is achieved through new business acquisitions, organizational operational efficiencies beyond cost management, and the development of strategies to look at the organization’s operating processes both internally and externally. of.” statement.
#international holding company Robust 2022 business strategy sets record profit of AED 32.6 billion https://t.co/GyCWB7n4iI
— International Holding Company (@ihc__official) March 10, 2023
IHC’s business strategy has resulted in a 156% increase in total assets from AED 89 billion a year ago to AED 282 billion by the end of December 2022. The number of its subsidiaries has increased from 302 in 2021 to 482, promoting the company’s global business growth and development in the Middle East, Asia, Africa, Europe, and North and South America. IHC’s joint ventures and associates also increased to 41 last year.
read: Abu Dhabi-based IHC expands into Latin America with $200 million investment in Lulo Colombia
“Our 2022 performance is due in large part to the excellent work of our more than 125,732 employees around the world, supported by our management team, and we look forward to the opportunities that 2023 will bring as we remain committed to the next few years. month,” said Syed Basar Shueb, CEO and Managing Director of IHC.
IHC’s investments in 2022
At the same time, IHC has grown exponentially through acquisitions in and out of the UAE. The holding company, majority owned by a group led by UAE national security adviser Sheikh Tahnoun bin Zayed Al Nahyan, had a market capitalization of AED866.4 billion as of March 11, 2023.
IHC and its two subsidiaries – Alpha Dhabi Holding and Multiply Group – are cornerstone investors in several initial public offerings (IPOs) in 2022, including Borouge, DEWA, and will be cornerstones of the ADNOC Gas IPO investor.
The company last year acquired stakes in three Adani Group companies, Adani Green Energy, Adani Transmission and Adani Enterprises, for a total investment of Dh7.3 billion. IHC, whose portfolio spans from utilities to food and agriculture to information technology, acquired a 50 percent stake in Turkish energy company Kalyon Enerji for Dh1.8 billion through its subsidiary International Energy Holding.
In October 2022, the group expanded into Latin America, investing AED 734 million in Lulo Bank, a fast-growing neobank in the Colombian market.
IHC said it remained focused on its core objective of “maintaining a robust business model while capturing significant value for shareholders from businesses of all sizes with growth targets spanning multiple countries and regions through 2023.”
“The global economy remains resilient and the recent easing of pandemic restrictions in China provides additional reasons for optimism in 2023, and IHC will continue to drive commerce and prosperity in global markets through our unique investment diversity,” Shueb said.
The firm is partnering with Abu Dhabi wealth fund ADQ to create a multi-asset class investment manager. The two entities are bringing in global private equity firm General Atlantic as a strategic partner and investor.
read: ADQ and IHC to create the largest independent investment management firm in the Middle East and North Africa
Upon launch, the investment manager will manage a portfolio of assets from ADQ’s alternative investment platform, Abu Dhabi Growth Fund and IHC, as well as fresh capital from founding shareholders and future investors, for global deployment.