Abu Dhabi: Abu Dhabi-based strategic investment company International Holding Company (IHC) Wednesday reported net profit of Dh1.5 billion for Q1 2021 compared to Dh113 million a year earlier.
The surge in profit was driven by growth in the Industrials and capital verticals. Revenues in the first quarter 2021 were Dh2.27 billion, up from Dh1.56 billion in Q1 2020.
The significant improvement in net profit in absolute and percentage terms was mainly due to improved business performance and profits attributable to acquisitions and investments completed in the second half of 2020, the company said in a statement.
IHC’s total assets stood at Dh19.7 billion as at 31 March 2021, compared to Dh14 billion as at 31 December 2020.
“Our first quarter financials were principally driven by our Industrials and Capital verticals, which provided the main thrust of our revenues. We recorded AED 2.3 billion in revenue, and importantly these results highlight our ability to grow our operations despite the economic challenges and to acquire the right businesses that add genuine value and bring synergies to our conglomerate,” said Syed Basar Shueb, IHC’s Chief Executive Officer and Managing Director of IHC.
IHC was founded in 1998, as part of an initiative to diversify and grow non-oil business sectors in the UAE. Adhering to ‘Abu Dhabi’s Vision 2030’, the ADX listed company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates.