Abu Dhabi’s IHC rocks with a Dh32.6 billion profit for 2022, while revenue crosses Dh51 billion

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.