Abu Dhabi’s IHC reports $3.07bln in net profit for 2021

Abu Dhabi’s IHC reports $3.07bln in net profit for 2021

ABU DHABI - International Holding Company PJSC (IHC), Abu Dhabi-based multi-sector conglomerate, announced today its preliminary financial results for 2021.

IHC’s strategic local and international acquisitions continued to strengthen the conglomerate’s balance sheet, reaching AED11.3 billion unaudited in net profits for the period ending December 2021 compared to AED 3 billion in 2020, an increase of AED8.2 billion (275%) during twelve months.

The company posted an all-time-high annual revenue in 2021, driven by business acquisitions and merge. IHC’s total revenue grew 303% in 2021 to AED 28.3 billion for the period ending December 2021, beating last year’s AED 7 billion revenue record, and validating the company’s decision to focus on existing verticals and new strategic local and international investment.

Syed Basar Shueb, IHC’s Chief Executive Officer and Managing Director, commented, "IHC has delivered a solid golden year with new records at all levels. The company’s strong ROI is demonstrated in our strategic acquisitions and subsidiaries’ performance; this year, we have strong momentum, and we’re going to accelerate even more in 2022 with a set target of AED 17 billion in profit." The company’s total assets increased to AED87 billion by the end of December 2021, up 520% from AED14 billion in 2020.

"During the