Abu Dhabi: International Holding Company, a diversified Abu Dhabi-based conglomerate, posted a 121 per cent increase in revenue to Dh21.93 billion in the first six months of 2022, compared to the same period last year, while net profit rose 137 per cent to Dh10.35 billion.
The group’s strategic acquisition of companies in H1 2022 had a positive impact on its net worth, as total assets exceeded the company’s liabilities, increasing from Dh88.98 billion by the end of December 31, 2021, to Dh163.69 billion at the end of June 30, 2022, a growth of 84 per cent.
“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,” Syed Basar Shueb, IHC’s CEO, said.
In the second quarter of 2022, IHC completed a Dh7.3 billion strategic investment deal in the green energy sector with India’s Adani Group, one of the largest deals between the UAE and India, representing 4.87 per cent of the total trade between the two countries.
IHC has also acquired a 70 per cent stake in Arena, the global event structures and services company. As per a May filing, IHC invested another Dh92 million into Elon Musk’s SpaceX. The conglomerate has also bought a 25 per cent share in Dubai-based trading company Invictus.
The company’s board has approved the acquisition of three new companies, Cyber Gate, Reach, and Emircon, subject to the authority’s approval.
IHC’s portfolio now includes 372 subsidiaries, an increase from 323 in Q1 of 2022, while the workforce now stands at 52,345 employees, growing by over 30,000 since the first quarter of last year. “Before you can even think about your company’s growth trajectory, you need a solid team to help you achieve your goals.” said Shueb.
IHC comprises eight listed subsidiaries: Alpha Dhabi, Multiply, ESG, Palms Sports, Al Seer Marine, Ghitha, EasyLease, and Q holding, with a capital of Dh1.8 billion in a wide array of sectors, including real estate, agriculture, healthcare, food and beverages, utilities, industrial, IT and communications, retail, entertainment, leisure, and capital.