IHC sees Q1 profit up 88%, launches Dh5b share buyback

IHC sees Q1 profit up 88%, launches Dh5b share buyback

Abu Dhabi: International Holding Company (IHC) recorded an 87.6 per cent profit growth for the first quarter of 2024, aided by growth across its core sectors.

With Dh8 billion in net profit, compared to Dh4.3 billion in Q1 2023, the ADX-listed diversified asset holding company said it saw “significant” growth across its core sectors - real estate and construction, technology, marine and dredging, food, and services, among others. This resulted in a 22.5 per cent increase in revenue to Dh19.3 billion, compared to Dh15.7 billion in Q1 2023.?“The strategic consolidation of assets from Q Holding with Modon, ADNEC, Miza Investment, and other entities in February 2024 significantly boosted the real estate segment. Additionally, the marine and dredging sector saw continued positive momentum from NMDC, carrying forward the success from FY23,” it added.?IHC’s performance in Q1 2024 led to a profit after tax margin of 41.6 per cent and earnings per share of Dh2.17.?Syed Basar Shueb, CEO of IHC, said, “This quarter’s record revenues underscore our ongoing resilience and strategic focus on growth through selective acquisitions that enhance operational synergies and solidify our standing as a global industry leader.”?In Q1, the group launched the “next generation holding company”, 2PointZero, aiming to