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Abu Dhabi’s international holdings posted a 181% jump in net profit in 2022, as the listed company controlled by Abu Dhabi’s Sheikh Tanub bin Zayed Al Nahyan reported another year of exceptional growth.
The fast-growing conglomerate’s profit rose to AED 32.6 billion last year from AED 11.6 billion ($3.2 billion) in 2021, thanks to what it said was the performance of subsidiaries and global acquisitions .
The fortune of IHC in recent years confused banker He became the group’s chairman in 2020 due to its meteoric rise under Sheikh Tanun, the national security adviser of the United Arab Emirates.
The results of IHC as Sheikh Tanonwho chairs both ADQ, Abu Dhabi’s state holding company, and First Abu Dhabi Bank, the country’s largest bank, was elevated this week to the chairman The $790 billion Abu Dhabi Investment Authority.
The promotion to head of the emirate’s investment vehicle marks a further consolidation of power in the UAE’s new ruler and full brother of Sheikh Tanun, Sheikh Mohamed bin Zayed Al Nahyan.he Inaugurated as president Their half-brother Sheikh Khalifa, who had served as Aditya’s chairman, died last year.
Profit nearly doubled in the fourth quarter, from AED 4.3 billion in 2021 to AED 8.3 billion a year earlier, which the company said was driven by positive business performance despite adverse global conditions . Full-year revenue rose 78% to AED50.9 billion, down from a 305% rise in 2021.
“We are facing a mixed external environment in some of our key markets. However, our strategy . . . aligns us with the main engines of global growth and we see significant progress in our strategic business,” said IHC CEO Syed Basar Shueb said.
IHC’s investment highlights include a 50 percent stake in Turkish energy company Kalyon and a Dh734 million investment in Colombian neobank Lulo.
It also invested Dh7.35 billion in three portfolio companies of India’s Adani Group, which has been accused by US short-sellers of fraud and stock market manipulation. Adani has denied the claims.
IHC’s total assets increased by 156%, from AED 89 billion at the end of 2021 to AED 282 billion by the end of 2022.
The number of IHC subsidiaries has increased from 302 in 2021 to 482 in 2022 and 41 joint ventures and joint ventures in 20 countries across Asia, Africa, Europe and the Americas. The group focuses on nine sectors, including energy, food, health, real estate and leisure.
IHC said it aims to expand into industries such as utilities, food and technology in 2023.
“We look forward to the opportunities that 2023 presents as we remain focused on delivering stronger financial performance in the months ahead,” Shueb said.
This article has been corrected as IHC invested AED7.35 billion instead of AED735 billion in three portfolio companies of the Adani Group in India
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