Staff Report,
Dubai, UAE
International Holding Company (IHC), the global diversified Abu Dhabi-based conglomerate, announced results for the first half of 2024 with a net profit of Dh12.3 billion, marking an 18 percent jump compared to the same period last year.
The group’s revenue saw a 46 percent year-on-year increase, amounting to Dh41.7 billion in H1 2024. The growth was driven particularly by sustained growth in the real estate and construction, marine and dredging, hospitality and leisure, and technology segments, reflecting the depth of IHC’s expanding asset portfolio and the effectiveness of its operational strategies.
IHC continued to expand its balance sheet, reporting a total asset position of Dh362.9 billion, marking a 37 percent increase compared to December 2023. This achievement underscores both the company’s diligence and resilience in navigating dynamic market conditions, while maintaining steady growth.
Syed Basar Shueb, CEO of IHC, said, “Our half-year results highlight the relentless pace at which we execute our strategic objectives locally and internationally. Our ability to outperform market growth across key segments, driven by active investments from our subsidiaries, solidifies our position as a market leader. This exceptional team performance is a testament to our continued commitment to innovation, operational excellence, and strategic investment. As we look ahead, our strong financial health and dynamic approach ensure that we are well-positioned for sustained growth and agility throughout the remainder of 2024 and beyond.”
The first half of 2024 was characterized by significant developments across subsidiaries, with strategic initiatives and notable acquisitions in key sectors such as energy, mining, and agriculture & food. These advancements have enabled IHC to create greater value for shareholders while continuing to play a pivotal role in advancing the UAE’s ambitious economic transformation goals.
Ends
Also read: IHC’s net profit stabilizes at Dh32.7 billion in 2023
