Abu Dhabi’s IHC rocks with a Dh32.6 billion profit for 2022, while revenue crosses Dh51 billion
IHC’s business strategy has resulted in the significant strengthening of its balance sheet
Abu Dhabi: One of the UAE’s biggest listed companies, IHC generated Dh32.6 billion net profit for 2022, the company’s best profit record to date.
The fourth quarter of 2022 saw a significant increase in net profit reaching Dh8.3 billion compared to Dh4.3 billion in the same period in 2021, an increase of 91 per cent.
The multi-sector conglomerate IHC posted revenue growth of 78 per cent reaching Dh50.9 billion in the twelve months of 2022 compared to the same period last year, while net profit grew from 11.6 billion to Dh32.6 billion – mainly driven by IHC subsidiaries’ performance and the local and global strategic acquisitions that were completed during the year.
Syed Basar Shueb, IHC’s Chief Executive Officer, said: ”The global economy remained resilient, with the recent relaxation of COVID19 restrictions in China providing more grounds for optimism in 2023, IHC will continue to drive commerce and prosperity in markets across the world through our unique investment’s diversity.”
“IHC’s business strategy has resulted in the significant strengthening of the company’s balance sheet with the total assets increasing from Dh89 billion in 2021, to Dh282 billion at the end of Dec 31, 2022 – a 156 per cent growth,” the company said in a stock market filing on Friday.
IHC’s investment highlights 2022:
- IHC acquires 50 per cent stake in Turkish energy company Kalyon.
- Invested AED 735 billion as primary capital in three Adani portfolio companies – Adani Green Energy, Adani Transmission and Adani Enterprises.
- Steps Into Latin America With Dh734 million Investment in Lulo Bank.
- Acquires 15 per cent stake in UAE’s Burjeel Holdings.
- IHC anchor investors in Bayanat IPO.
- Acquired acquires 54 per cent stake in tech solutions provider Emircom and 100 per cent interest in Emircom Egypt.