IHC hits nine-month record profit of AED 24bn

IHC hits nine-month record profit of AED 24bn

ABU DHABI, 8th November,2022 (WAM) -- International Holding Company (ADX: IHC), one of the largest corporate investment holding firms in the Middle East and Africa, headquartered in Abu Dhabi, announced today its financial results for the third quarter ended September 30, 2022, with the profit surging236% for the 9-month period compared to the same period last year, surpassing its full year original profit forecast (AED 17bn).

Continued momentum in strategic direct and indirect acquisitions, locally and internationally, were the main drivers behind the growth rate above the previous year's quarter, with the company's total assets increasing to AED 198.8bn from AED 64.4bn in Q3 2021.

“This is an outstanding result of which we can all be proud. It reflects the strength that IHC has developed in recent years. Our team's discipline, continuity, and its irrepressible will to move our organization forward are truly impressive.“ said Syed Basar Shueb, IHC’s Chief Executive Officer.

IHC’s current assets, comprising its subsidiaries, have grown by 138% as of 30th September 2022 compared to December 31, 2021. The key contributors to the total current assets include Alpha Dhabi Holding, Q Holding, International Securities, Al Seer Marine and Multiply Group. Total cash and bank balances was AED 31.80bn in