— Revenue growth of 24.8% in YTD-2023 as compared to YTD-2022, driven by positive performance in key segments including real estate and construction, marine and dredging, and services.

— Growth in Total Assets to AED 235.6 billion, a 3.3% increase as compared to December 2022.

 

Abu Dhabi, 08 November 2023: International Holding Company (ADX: IHC), the global diversified Abu Dhabi-based conglomerate, today announced its financial results for the third quarter of 2023. IHC recorded a quarterly group Revenue of AED 14.2 billion representing a 9.5% increase over Q2 2023. During the 9 months period ending September 2023, the Group reported a Profit After Tax of AED 15.2 billion (vs AED 24.3 billion in YTD-2022). 

Syed Basar Shueb, IHC’s Chief Executive Officer, said: “IHC produced a strong set of results in the third quarter, building on the momentum achieved since the start of the year. As global yields are expected to remain higher for longer, we anticipate continued volatility across the markets. Amid this persistently challenging global economic backdrop, we expect our balance sheet strength and financial resilience to continue serving as foundations for the creation of additional shareholder value, as we explore new opportunities both domestically and internationally.”

 

In Q3 2023, IHC grew its Total Assets by 3.3% and reduced Total Liabilities by 1.3% (vs. December 2022). Additionally, Total Owner’s Equity grew by 16.3% to AED 78.9 billion. The Group intends to remain focused on optimizing its balance sheet and improving shareholder returns.  

“Despite the headwinds, the Group remains ideally positioned to deliver strong results in 2023 and in the long term. While our key verticals are delivering organic growth, as demonstrated by NMDC Energy (previously known as NPCC) successfully winning large long-term contracts, and our real estate portfolio reporting record sales. The Group is also focusing on the long-term strategy, this includes rebalancing of the current investment portfolio, vertical integration across our subsidiaries, and venturing into new sectors.” Shueb added.

 

Sustainability is a key requisite to building a better tomorrow for our future generations while also unlocking new dimensions of value creation. To support the UAE’s Net Zero by 2050 strategic initiative, IHC continues to build on earlier initiatives such as the ‘Proseed’ Sustainability Hub by working with portfolio companies to help achieve net zero emission targets and enhance the group's efforts and strategies toward collective action in sustainability. 

In the lead up to UAE hosting COP28, IHC is well positioned to showcase its role of private sector contribution from climate ambition to climate action while realizing economic growth, diversification and prosperity. 

 

IHC’s 2023 Third Quarter Summary

— Q Holding PSC received an offer to combine Modon Properties, ADNEC and other assets with Q Holding

— NMDC Energy (previously known as NPCC), a wholly-owned subsidiary of National Marine Dredging Company was awarded significant oil and gas contracts 

— Palms Sports PJSC acquired Securiguard Middle East LLC 

— Al Seer Marine receives VLGC North Gas vessel, increasing its fleet size to 20

— Multiply Group PJSC secured a majority stake in Media 247 Holding Ltd.

— Multiply Group PJSC acquired control over LVL Technology Holding

— Al Dar Education expands portfolio through acquisition of Virginia International Private School and Kent Nursery