Wednesday 17 Apr 2024 Abu Dhabi UAE
Prayer Timing
Today's Edition
Today's Edition
Business

EIH Ethmar International Holding posts robust Q3 performance with net profit of Dh589mn

EIH Ethmar International Holding posts robust Q3 performance with net profit of Dh589mn
9 Nov 2023 18:03

ABU DHABI (WAM): EIH Ethmar International Holding PJSC, a leading conglomerate operating across nine diverse industry sectors, has today announced its financial results for the third quarter of the 2023 fiscal year, achieving a net profit of Dh589 million, an income of Dh730.1 million, and a total asset value of Dh4.583 billion.

Continuing its aggressive strategic expansion through 2023, EIH saw its net profit rise by 32.3 per cent, income increase by 50.5 per cent, and assets up 105.5 per cent over the last quarter. This was boosted by the addition of two new industry sectors and the number of companies under the group umbrella increasing from 36 to 58, in Q3 2023.

The two new industry sectors added to EIH’s growing stable of businesses namely in the financial services, with the majority stake acquisition of 70 per cent of BHM Capital Financial Services PSC and the automotive and trading sector, working towards the initiative of expanding the electric vehicles market. This reflects on EIH's adaptability and strategic vision across Abu Dhabi’s increasingly dynamic business landscape.

Displaying versatility and resilience across diverse economic environments, EIH’s industry portfolio now extends across multiple sectors including energy, real estate, alternative investment, technology, healthcare, travel and tourism, hospitality, automotive trading, and financial services.

EIH’s move to significantly boost its acquisitions, in Q3, is a significant factor leading to the last quarter’s impressive returns and profitability. It is also part of the larger strategic move directed by the UAE government and leadership to diversify its economy and encourage private sector businesses to thrive in the UAE capital and beyond. The achieved results solidify EIH's clear commitment to its strategic diversification strategy, with innovation and investment being key to its growth and continued success.

Commenting on EIH’s impressive results over the last quarter, Group CEO and Managing Director of EIH Ethmar International Holding PJSC, Ali Elgebely, said, “EIH operates across a spectrum of nine industry sectors, highlighting its versatility and resilience in diverse economic environments. This diversification allows EIH to mitigate risks and capitalise on emerging opportunities, in various markets.

“EIH’s success is further underlined by its extensive network of operating subsidiaries, all of which contribute to the overall strength and diversity of EIH's portfolio, ensuring a well-rounded approach to our business operations.”

Source: WAM
Copyrights reserved to Aletihad News Center © 2024