Abu Dhabi-based IHC reports $408 million net profit in first quarter of 2021

SourceArabian Business
SectorFinancial Markets

Abu-Dhabi based International Holding Company (IHC) reported AED1.5 billion ($408 million) in net profit for Q1 2021, a statement from the company said.

The company reported net profit of AED 1.5 billion for Q1 2021 (versus AED113 million a year earlier) driven by growth in the industrials and capital verticals. Revenues in the first quarter 2021 were AED2.276 billion, up from AED1.563 billion in Q1 2020.

“Our first quarter financials were principally driven by our Industrials and Capital verticals, which provided the main thrust of our revenues… and these results highlight our ability to grow our operations despite the economic challenges and to acquire the right businesses that add genuine value and bring synergies to our conglomerate,” Syed Basar Shueb, IHC’s Chief Executive Officer and Managing Director said.

Financial results revealed on Sunday show net profit of $816.9m, driven by acquisitions and organic growth across IHC portfolio

IHC’s total assets stood at AED19.7 billion as at March 31, 2021, compared to AED14 billion as...read more...