Abu Dhabi-headquartered International Holding Company (IHC) reported a 236 per cent surge in profit for the nine-month period ending September 30 at Dh24 billion, it announced on Tuesday.
Revenue climbed to Dh34.3 billion, up 87 per cent, compared to the previous year’s third quarter.
IHC, one of the largest corporate investment holding firms in the Middle East and Africa, also saw total assets grow to Dh198.8 billion from Dh64.4 billion in Q3 2021, the company said.
“This is an outstanding result of which we can all be proud. It reflects the strength that IHC has developed in recent years. Our team’s discipline, continuity, and its irrepressible will to move our organization forward are truly impressive,” said IHC CEO Syed Basar Shueb.
IHC’s current assets, comprising its subsidiaries, grew by 138 per cent as of September 30 compared to December 31, 2021. The key contributors to the total current assets include Alpha Dhabi Holding, Q Holding, International Securities, Al Seer Marine and Multiply Group. Total cash and bank balances were Dh31.80 billion in Q3 2022 against Dh20.25 billion in 2021.
The company’s rise in quarterly revenues was driven by sustained demand across all business activities and strategic acquisitions in the past 12 months, including Aldar Properties, Arena Events, Yas Clinic, Abu Dhabi Stem Cells Center, Reem Investments, Abu Dhabi Vegetable Oil Company, Ras Al Khaimah Cement Investment, Emircom and Cyber Gate Defense.
Leading the acquisition market
IHC said it has increased its takeover activity, including in India and Turkey. The company’s acquisition total value in Q3 2022 crossed Dh13.5 billion, which included the Dh10 billion TAQA deal, Dh1.8 billion in Kalyon Enerji and Dh1.5 billion in Burjeel Holding, and Dh250 million in Emircom while aiming for publicly listing more of its companies in ADX growth markets.
“Going forward, IHC plans to remain focused on global market expansion. We have set an ambitious long-term goal to grow the number of our global business acquisitions by 70 per cent in the next 12 months. Our strong financial performance positions us well to enter new territories. IHC’s expansion and acquisition appetite will remain robust ahead, as we continue to focus on our capabilities which is informing our growth path, including how we approach acquisitions, as this is one of our competitive advantages.” Shueb added.