The multi-sector conglomerate IHC posted revenue growth of 304 percent to AED 9.93 billion in the first six months of 2021, compared to the same period last year, while the net profit grew 436 percent to AED 4.36 billion – mainly driven by strategic acquisition of companies under common control through business combinations.
IHC’s tactical acquisitions have resulted in significant strengthening of the conglomerate’s balance sheet with total assets increasing from AED 14.01 billion by end of December 31, 2020, to AED 58.32 billion at the end of June 30, 2021 – an immense 316.3 percent growth.
Syed Basar Shueb, IHC’s Chief Executive Officer and Managing Director, commented: “IHC has produced exceptional growth over the last year despite the challenging economic environment for many sectors of the global economy. We are pursuing a strategy that combines transformative acquisitions with further organic growth by our major verticals, and have already built a conglomerate with diversified and complementary business activities that extend across the region. IHC maintains a strong appetite for further expansion and will look to harness increased revenue and operational synergies across the group.”
The diversified company achieved another milestone in the second quarter of 2021, when IHC became the most valuable listed company on the Abu Dhabi Securities Exchange (ADX), and was also recognised in the Forbes 2020 list of ‘The Middle East’s Top 100 Companies’.
Some of IHC’s financial milestones include:
IHC net profit reached AED 2.87 billion in the second quarter 2021, rising 309 percent year on year, as result of major strategic acquisitions and expansion across its major verticals, while revenue increased 339% to AED 7.65 billion for the three-month period.
In the first half of 2021, the net margin stood at 43.9 percent, growing by 10.82 percent compared to same period last year.
Total assets by end of Q2 2021 were AED 58.32 billion – an increase of AED 44.30 billion from December 31, 2020.
During the period, the International Holding Company has listed two of its subsidiaries – Alpha Dhabi Holding PJSC and Emirates Stallion Group PJSC – on the Abu Dhabi Securities Exchange (ADX) helping to unlock shareholder value.