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IHC announces 49.4% revenue growth in first nine months

Profit after tax for the period increased by 18.3%, totalling Dh18.0 billion

International Holding Company, the global diversified Abu Dhabi-based conglomerate, announced a profit after tax of Dh18.0 billion for the nine-month period ending on 30 September 2024, marking an 18.3 per cent increase compared to the same period last year. This growth reflects IHC’s continued commitment to delivering enhanced shareholder value through disciplined strategic execution across key verticals.

Revenue for the nine-month YTD 2024 surged to Dh64.0 billion, achieving a robust 49.4 per cent year-on-year increase. This performance was strengthened by notable contributions from IHC’s Real Estate and Construction segment. The segment’s momentum was driven by an increase in Aldar’s revenue from strong property development sales, higher revenue from strategic acquisitions and new projects, and by the consolidation of Modon, ADNEC, Miza, and other assets under Modon Holding (formerly Q Holding). Additionally, the Marine and Dredging segment experienced positive traction, supported by NMDC’s recent project wins and steady progress on ongoing projects. With solid gains across key sectors and the substantial asset growth through these strategic transactions in the first nine months, IHC is well-prepared to carry this growth trajectory forward into a promising fourth quarter.

IHC reported an EBIT of Dh21.8 billion, a 24.9 per cent increase year-on-year. Total assets reached Dh382.9 billion, representing a 44.9 per cent growth since December 2023, driven by strategic investments and significant asset transfers. Additionally, IHC’s cash and bank balance grew by 43.9 per cent, reaching Dh48.8 billion, reinforcing the company’s ability to seize further growth opportunities.

Syed Basar Shueb, CEO of IHC, commented: “Our nine-month results highlight the resilience and the precision of our strategic execution across key sectors. We’ve seen robust activity throughout our diversified portfolio, driving consistent, value-enhancing growth. With strong momentum heading into the fourth quarter, we are positioned to capitalize on further opportunities while remaining focused on operational excellence and long-term value creation. I am confident that this trajectory will continue to reinforce IHC’s commitment to delivering enhanced shareholder value.”