Abu Dhabi-based IHC’s 2022 profit surges to a record $8.9bn

Abu Dhabi-based IHC’s 2022 profit surges to a record $8.9bn

International Holding Company (IHC) said its annual net profit surged 181 per cent in 2022 to a record $8.9bn (Dhs32.6bn), the holding company’s best profit record to date, driven by the firm’s “solid business strategy”. The company’s Q4 2022 net profit jumped by 91 per cent to Dhs8.3bn, a significant increase from Dhs4.3bn in the same period a year earlier. IHC, the UAE’s most valuable listed firm, said its 2022 revenues soared by 78 per cent to reach Dhs50.9bn driven by the performance of its subsidiaries and the group’s strategic acquisitions that were completed during the year. “The consistency of IHC’s revenue increase was achieved through new business acquisitions, organisational operational efficiency beyond cost management and by drawing a strategy that looks both internally and externally at the organisation’s process for how it works,” the Abu Dhabi-based firm said in a statement. IHC’s business strategy resulted in a 156 per cent increase in total assets to Dhs282bn at the end of December 2022 from Dhs89bn a year earlier. The increase in the number of its subsidiaries from 302 in 2021 to 482 fostered the company’s global business growth and development across the Middle East, Asia, Africa, Europe as well as