IHC posts 20.5% rise in Q1 profit to Dhs4.3 billion – Gulf Today

IHC posts 20.5% rise in Q1 profit to Dhs4.3 billion – Gulf Today

International Holding Company on Friday announced its financial results for the first quarter of 2023.

International Holding Company (IHC) on Friday announced its financial results for the first quarter of 2023. IHC recorded a group net profit of Dhs4.3 billion, representing a 20.5 per cent increase compared to Q1, 2022, with a net profit margin of 27.1 per cent, demonstrating the continued momentum in executing its strategy and commitment to generating higher shareholder value.

IHC achieved a solid revenue increase of 50 per cent versus Q1, 2022, totalling Dhs15.7 billion during the first quarter of 2023. The significant growth was supported by positive performance in key segments such as Asset Management, Healthcare, IT and Communication, Real Estate and Construction, Marine and Dredging, Financial Services, Food, Utilities and Services, among others.

Syed Basar Shueb, IHC’s Chief Executive Officer, said, “The post covid era UAE economy has strengthened and would