Abu Dhabi’s IHC 2023 net profit edges up to $8.9bln

Abu Dhabi’s IHC 2023 net profit edges up to $8.9bln

Abu Dhabi’s investment giant International Holding Company (IHC) posted a less than 1% growth in net profit for the full year 2023 despite turning in an additional revenue of AED9.1 billion ($2.5 billion).

Total net profit for the year ended December 31, 2023 reached more than AED32.7 billion, up by 0.54% from AED32.5 billion in 2022, according to the conglomerate’s preliminary results posted on the Abu Dhabi Securities Exchange (ADX) on Monday.

Revenue for the year stood at more than AED60 billion, up by around 18% from the previous year’s AED50.9 billion, while total assets expanded to AED264 billion from AED228 billion.

The significant increase in revenue was driven by targeted acquisitions and “solid performance” of the companies in IHC’s portfolio, the firm said in a separate statement.

Earnings per share (EPS) stood at AED 12.36, nearly double the prior year’s EPS of AED 6.81. The substantial growth in EPS indicates “robust financial health” and investor confidence, IHC said.

The firm operates businesses in real estate construction, utilities, healthcare, food and agriculture, marine and dredging, as well and services. It also has subsidiaries that have expanded into hospitality, sustainability, artificial intelligence and technology, and financial services and asset management.

(Writing by Cleofe Maceda; editing by Brinda