ABU DHABI (WAM)
International Holding Company (IHC) announced outstanding results for the first half of 2024 with a net profit of Dh12.3 billion.
This marks an 18 percent jump compared to the same period in 2023.
In a press release on Wednesday, the company said that revenue reached Dh41.7 billion, representing a 46 percent year-on-year increase, driven mainly by sustained growth in the real estate and construction, marine and dredging, hospitality and leisure, and technology segments.
IHC continued to expand its balance sheet, reporting a total asset position of Dh362.9 billion, marking a 37 percent increase compared to December 2023.
This achievement underscores both the company's diligence and resilience in navigating dynamic market conditions, while maintaining steady growth.
CEO of IHC, Syed Basar Shueb, said, "Our half-year results highlight the relentless pace at which we execute our strategic objectives locally and internationally. Our ability to outperform market growth across key segments, driven by active investments from our subsidiaries, solidifies our position as a market leader. This exceptional team performance is a testament to our continued commitment to innovation, operational excellence, and strategic investment."
The first half of 2024 was characterised by significant developments across subsidiaries, with strategic initiatives and notable acquisitions in key sectors such as energy, mining, and agriculture and food.
These advancements have enabled IHC to create greater value for shareholders while continuing to play a pivotal role in advancing the UAE's ambitious economic transformation goals.