Search DubaiPRNetwork.com

Dubai and UAE
Home >> Business and Economy

IHC Sustains Positive Momentum Throughout Q3 2023 and Delivers Robust Topline Growth

Monday, May 6, 2024/ Editor -  

Share

Home >> Business and Economy
— 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

Previous in Business and Economy

Next in Business and Economy


Home >> Business and Economy Section

Latest Press Release

Dubai Customs gears up to welcome over 5.2M travelers at DXB Airport this holida ...

RTA opens key 1,000-metre bridge connecting Hessa Street to Al Khail Road

Dubai Police in collaboration with Mohammed Bin Rashid Housing Establishment org ...

World's Rarest Coffees to be Auctioned for First Time at World of Coffee Dubai ...

dnata recognised as Ground Support Services Provider of the Year for 14th time a ...

Turkish Airlines Sets Guinness World Records™ title for the “Most Countries Flow ...

Hamleys unveils an enchanting Elf Christmas Market, offering families in UAE a m ...

Abu Dhabi Trading Regulatory Committee for Petroleum Products Issues First of it ...

Dubai Health Authority Promotes Quality of Life in Schools with Major Interactiv ...

MBRF signs MoU with Canadian University Dubai to promote exchange of knowledge

Dubai Culture Announces 4th Hatta Cultural Nights Programme of Cultural & Herita ...

DOSC Winter Regatta & IRC Middle East Championships Concludes with Climactic Fin ...

Diamind Presents The Ultimate Festive Gift Guide: Sparkle This Season With Lab- ...

Premier Inn Dubai Dragon Mart celebrates Fifth Anniversary

Uae racing driver sofia necchi qualifies in dubai for the innaugural formula wom ...

SHEGLAM and Lifestyle at Centrepoint Mark One Year of Partnership in the Middle ...

MAX&Co. Unveils Festive Collection: A Celebration of Red Elegance

Abu Dhabi Stem Cells Center Successfully Performs First CAR-T Cell Therapy to Tr ...

Relocate pets and ship cars for less with Emirates Skywards

Medlab Middle East to spotlight the rise of patient-centric healthcare