IHC posts 20.5% rise in Q1 net profit

IHC posts 20.5% rise in Q1 net profit

ABU DHABI: International Holding Company (ADX:IHC), the global diversified Abu Dhabi-based conglomerate, today announced its financial results for the first quarter of 2023. IHC recorded a group net profit of AED 4.3 billion, representing a 20.5% increase compared to Q1 2022, with a net profit margin of 27.1%, demonstrating the continued momentum in executing its strategy and commitment to generating higher shareholder value.

IHC achieved a solid revenue increase of 50% versus Q1 2022, totaling AED 15.7 billion during the first quarter of 2023. The significant growth was supported by positive performance in key segments such Asset management, Healthcare, IT and Communication, Real Estate and Construction, Marine and Dredging, Financial Services, Food, Utilities, and Services and others.

Syed Basar Shueb, IHC’s Chief Executive Officer, said: "The post covid era UAE economy has strengthened and would account for those profits. Our subsidiaries, in general, play a critical role in our growth business model today, and it will play an even bigger role going forward as we look to new business acquisitions and to keep on delivering value to our shareholders.”

“However, in Q2, we will also focus on developing new businesses and continue improving our business operations by integrating more Technology systems and introducing