IHC sustains positive momentum throughout Q3 2023 and delivers robust topline growth

Revenue growth of 24% in YTD-2023 as compared to YTD-2022

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The International Holding Company headquarters in Abu Dhabi. — Supplied image

Published: Wed 8 Nov 2023, 4:37 PM

Last updated: Wed 8 Nov 2023, 5:19 PM

International Holding Company, the global diversified Abu Dhabi-based conglomerate, today announced its financial results for the third quarter of 2023. IHC recorded a quarterly group revenue of Dh14.2 billion representing a 9.5 per cent increase over Q2 2023. During the nine-month period ending September 2023, the group reported a profit after tax of Dh15.2 billion (vs Dh24.3 billion in YTD-2022).

Syed Basar Shueb, IHC’s chief executive officer, said: “IHC produced a strong set of results in the third quarter, building on the momentum achieved since the start of the year. As global yields are expected to remain higher for longer, we anticipate continued volatility across the markets. Amid this persistently challenging global economic backdrop, we expect our balance sheet strength and financial resilience to continue serving as foundations for the creation of additional shareholder value, as we explore new opportunities both domestically and internationally.”

In Q3 2023, IHC grew its total assets by 3.3 per cent and reduced total liabilities by 1.3 per cent (vs. December 2022). Additionally, total owner’s equity grew by 16.3 per cent to Dh78.9 billion. The group intends to remain focused on optimizing its balance sheet and improving shareholder returns.

“Despite the headwinds, the group remains ideally positioned to deliver strong results in 2023 and in the long term. While our key verticals are delivering organic growth, as demonstrated by NMDC Energy (previously known as NPCC) successfully winning large long-term contracts, and our real estate portfolio reporting record sales. The Group is also focusing on the long-term strategy, this includes rebalancing of the current investment portfolio, vertical integration across our subsidiaries, and venturing into new sectors.” Shueb added.

In Q3 2023, IHC grew its total assets by 3.3 per cent and reduced total liabilities by 1.3 per cent. — Supplied photo

Sustainability is a key requisite to building a better tomorrow for our future generations while also unlocking new dimensions of value creation. To support the UAE’s Net Zero by 2050 strategic initiative, IHC continues to build on earlier initiatives such as the ‘Proseed’ Sustainability Hub by working with portfolio companies to help achieve net zero emission targets and enhance the group’s efforts and strategies toward collective action in sustainability.

In the lead up to UAE hosting COP28, IHC is well-positioned to showcase its role of private sector contribution from climate ambition to climate action while realizing economic growth, diversification and prosperity.

Among IHC’s subsidiary companies, Q Holding PSC received an offer to combine Modon Properties, ADNEC and other assets with Q Holding.

NMDC Energy (previously known as NPCC), a wholly-owned subsidiary of National Marine Dredging Company was awarded significant oil and gas contracts. Palms Sports PJSC acquired Securiguard Middle East LLC.

Al Seer Marine receives VLGC North Gas vessel, increasing its fleet size to 20. Multiply Group PJSC secured a majority stake in Media 247 Holding Ltd. Multiply Group PJSC acquired control over LVL Technology Holding.

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IHC was founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE and has grown to become the most valuable listed holding company in the Middle East with a market cap of Dh879 billion as of September 30, 2023. The company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates. IHC is included in FTSE ADX 15 Index (FADX 15), representing the top 15 largest and most liquid companies on the ADX.

IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 500 subsidiaries and over 107,000 employees, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Asset management, Healthcare, Real Estate and Construction, Marine and Dredging, IT and Communications, Financial Services, Food Production and Service, Utilities, and Services.

With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes and new opportunities arise, IHC remains focused on resilience, innovation, and redefining the marketplace for itself, its clients, and its partners.