Dubai: Abu Dhabi’s International Holding Corp. (IHC) – one of the best performing stocks in the UAE for some time – has once again shown why investors are tracking it closely. The holding company whose interests span real estate to space - through a stake in Elon Musk's SpaceX - recorded revenues of Dh9.93 billion for the first six months of 2021, while net profits weighed in with a just as impressive Dh4.36 billion.
For the same period last year, revenues topped Dh2.45 billion while net profit was Dh654.58 million. IHC has a market cap of Dh248.62 billion - the highest in the country - with the stock priced at Dh136.
This is what investors would be particularly taken up with – net profit margin during this period was a stellar 43.9 per cent, with IHC recording a 10.82 per cent gain year-on-year. Total assets as of end June was at Dh58.32 billion – and that is Dh44.30 billion over the end December total.
As for the SpaceX exposure, IHC did so through an investment in VY GP Limited's fund.
IHC's bumper second quarter revenues
The marked increase on the asset numbers was brought on by IHC acquiring a 45.72 per cent stake in Alpha Dhabi, formerly known as Trojan Holding and with interests in construction, real estate and more. In the first six months’ net profit of Dh4.36 billion, the Alpha Dhabi deal delivered Dh2.55 billion. The Alpha Dhabi deal also helped IHC expand its asset base to the tune of Dh34.26 billion.
IHC will continue to “identify assets and businesses to further expand its diversification strategy and at the same time will also keep enhancing the performance of existing business.
“Positivity is in the UAE’s air despite the global economic gloom owing to the pandemic. IHC has continued to deliver stellar growth despite the challenging market conditions – and the achievements in the first six months only got better from the previous period.”