Abu Dhabi-headquartered conglomerate International Holding Company (IHC) reported a 24.8 per cent surge in revenue for the first nine months of 2023, at Dh42.8 billion, driven by growth in real estate, marine, and its other business segments.
However, profit after tax declined 37.3 per cent to Dh15.22 billion during the same period ending September 30, reported IHC - one of the largest corporate investment holding firms in the Middle East and Africa - on Tuesday.
IHC is a holding company for Alpha Dhabi, Multiply Group, Q Holding, among a total of 500 subsidiaries. The number of subsidiaries was previously 482 in 2022, and 302 in 2021. It also has 29 associate firms, 27 joint ventures with international operating segments, and acquisitions in eight primary business segments.
Success in investing
IHC, which has investments in sectors including clean energy, food and agriculture, health care, property, information technology and artificial intelligence, spanning across 20 countries in Asia, Africa, Europe and the Americas, has made several strategic investments in recent quarters to further expand its asset base.
It posted a 3.3 per cent in total assets to Dh235.6 billion as of September 2023, compared to its position in December 2022. This was "on account of multiple acquisitions, despite reorganisation of Pure Health Holding from a subsidiary to a joint venture," while adding that total equity increased by 6.8 per cent.
IHC’s recent investment highlights include a 50 per cent stake in Turkish energy company Kalyon and a Dh734 million investment into the Colombian neobank Lulo. The firm also invested Dh7.35 billion into three portfolio companies of India’s Adani group, which has been accused of fraud and stock market manipulation by a US short seller.
Additionally, total debt for the company increased by 14.7 per cent and stood at Dh45.8 billion as at the end of September, as opposed to Dh39.9 billion seen at the end of December 2022, with approximately 88 per cent of the total debt in the form of term loans, the company added.