UAE Business: IHC achieves new net profit record of $2.82bn for H1 – Gulf Digital News

UAE Business: IHC achieves new net profit record of $2.82bn for H1 – Gulf Digital News

International Holding Company (IHC), a diversified Abu Dhabi-based conglomerate, has posted new record profit in the first half of 2022, as the company continues its aggressive investment strategy.

The solid business performance across all IHC subsidiaries has resulted in a significant strengthening of the conglomerate’s balance sheet, as revenue grew by 121 percent to AED21.93 billion ($5.97 billion) in the first six months of 2022, compared to the same period last year, while net profit rose 137 percent to AED10.35 billion ($2.82 billion) as compared to H1 2021.

IHC's strategic acquisition of companies in H1 2022 had a positive impact on the organisation's net worth, as the total assets exceeded the company liabilities increasing from AED88.98 billion by the end of December 31, 2021, to AED163.69 billion at the end of June 30, 2022– an immense 84 percent growth.

Syed Basar Shueb, IHC’s Chief Executive Officer, commented: “There remains much to be done to capture our strategy's full potential, strengthening the group's performance even further, as other mega acquisition deals present themselves in the second half of this year, locally and globally. It will continue for many quarters.”

In the second quarter of 2022, IHC completed a AED7.3 billion ($2 billion) strategic investment deal