Abu Dhabi’s IHC (International Holding Company) is a rapidly expanding, diversified corporation that has redefined how to go about acquiring assets. A market cap of Dh512.36 billion and multiple subsidiaries rolling out for initial public offerings on the Abu Dhabi stock exchange has contributed to the spectacular growth trajectory of the company.
The investment firm recorded a first-quarter 2022 profit of Dh3.55 billion ($966.5 million), up from Dh1.5 billion a year ago. IHC had Dh10.49 billion in sales, with total assets at Dh96.04 billion driven by growth across all business units.
It increased the number of subsidiaries in the portfolio from 109 in the first quarter of 2021 to 323 as part of ongoing strategic initiatives, which is a rise of 196 per cent. Consequently, the workforce has increased by more than 194 per cent from the first quarter of 2021, reaching 22,345.
Despite ongoing market volatility, this first quarter’s performance demonstrated the versatility of the portfolio. The company has built it in such a way that it will continue to expand even during times of economic slowdown never experienced before. The management is still firmly focused on accelerating growth by enhancing the core business.
IHC first acquired a stake in SpaceX - helmed by Elon Musk - in the second-half of 2020 through private equity fund Falcon CI IV. The Abu Dhabi company bought a 94 per cent stake in the Cayman Island-based fund. As per a June filing, the company has planned to invest another $25 million into SpaceX.
Earlier this month, it bought a 25 per cent share in Dubai-based trading company Invictus through one of its subsidiaries. A contract was finalised to invest Dh7.3 billion ($1.94 billion) in the Adani Group, the Indian conglomerate run by billionaire businessman Gautam Adani.
IHC also made many new investments, including buying a majority share in Al Qudra Holding, an investment firm based in Abu Dhabi, and a 60 per cent holding in Afkar Financial and Property Investments. In addition, it owns 60 per cent in Royal Horizon Holding and its subsidiaries and 48 per cent in Emirates Driving Company.
IHC’s desire to acquire or invest in businesses far and wide supports its goal of changing the business climate in the Middle East. These purchases broaden its scope and experience, locally and internationally.