By Staff Reporter
Dubai: The UAE’s investment heavyweight, International Holding Co. (IHC), recorded strong revenue and profit gains for first-half 2024, with the profit tally coming to Dh12.3 billion. That’s 18 per cent higher than a year ago.
On revenues, the tally was Dh41.7 billion, from a spectacular 46 per cent gain, as its diversified investments in real estate and construction, hospitality, and marine services paid off handsomely.
At Dh890 billion, IHC has the highest market cap among listed UAE companies. In the year-to-date, the stock is up 2 per cent.
IHC, for the record, has over 1,000 subsidiaries, 38 associate companies, and 42 joint ventures with international operating segments and acquisitions in eight primary industry verticals.
Even at that size, “We are well-positioned for sustained growth and agility throughout the remainder of 2024 and beyond,” said Syed Basar Shueb, CEO. “Our ability to outperform market growth across key segments, driven by active investments from our subsidiaries, solidifies our position as a market leader.”
Last June, IHC shareholders had approved a share buyback program totaling up to Dh5 billion, following the IHC Board of Directors proposal in Q1-2024.
Busy H1-24
Through the latest reporting period, IHC directly or through its owned entities kept up a busy schedule.
Modon Holding (formerly Q Holding) combined with Modon Properties, the Abu Dhabi National Exhibitions Company (ADNEC), MIZA Investments and other real estate assets, for a consideration in the form of 9.49 billion newly issued shares. This created ‘one of the largest real estate companies in the UAE’.
IHC acquired 14.83 per cent in the South American entity Grupo Nutresa. Operating in over 18 countries and with 48 production plants, Grupo Nutresa is ‘one of the largest foodprocessing conglomerates in Colombia and Latin America’.
The International Resources Holding bought 51 per cent in Mopani Copper Mines in Zambia, one of the biggest mines and exporters of copper and cobalt in the world.
Also, one of IHC group entities, 2PointZero, following its acquisition of the investment holding Was Four, expanded into the blockchain sector with 49 per cent in Citadel, the ‘Middle East leader in crypto mining’.
“Our half-year results highlight the relentless pace at which we execute our strategic objectives locally and internationally,” said Shueb.
Source: Gulf News
