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IHC profits surge to Dh15.2 billion in nine months

IHC profits surge to Dh15.2 billion in nine months
9 Nov 2023 09:23

ABU DHABI (WAM)

International Holding Company (IHC) announced on Wednesday its financial results for the third quarter of 2023, reporting a quarterly group revenue of AED14.2 billion, representing a 9.5% increase over Q2 2023.During the nine months ending September 2023, the Group reported a Profit After Tax of AED15.2 billion.

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."

In Q3 2023, IHC grew its Total Assets by 3.3% and reduced Total Liabilities by 1.3% (vs. December 2022). Additionally, Total Owner's Equity grew by 16.3% to AED78.9 billion. The Group intends to remain focused on optimising its balance sheet and improving shareholder returns.

"Despite the headwinds, the Group remains ideally positioned to deliver strong results in 2023 and 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, including rebalancing the current investment portfolio, vertical integration across our subsidiaries, and venturing into new sectors," Shueb added.

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 realising economic growth, diversification and prosperity.

Source: WAM
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