International Holding Company (IHC), a conglomerate headquartered in Abu Dhabi with a global presence, demonstrated strong financial performance in 2023 and pursued aggressive expansion. The company‘s revenue surged to AED60.1 billion ($16.36 billion), marking a significant 17.9 percent increase compared to the previous year’s AED50.9 billion ($13.85 billion). This impressive revenue growth can be attributed to strategic acquisitions and enhanced financial performance across its existing businesses, particularly the Marine & Dredging and Real Estate segments.
IHC’s net profit stood at a robust AED32.95 billion ($8.97 billion), while its Earnings per Share (EPS) experienced remarkable growth, more than doubling from AED6.81 to AED 12.55. These figures reflect the company’s solid profitability and the substantial value generated for its shareholders.
Read more: UAE’s IHC 9-month profits surge 236 percent to $6.53 billion
The results for the fiscal year ending on December 31, 2023 highlight a remarkable year of transformative growth, operational excellence, sustainability achievements, and outstanding financial performance.
#InternationalHoldingCompany delivers resounding 2023 financial results with record revenues of AED 60.1 billion, marking a 17.9% increase from last year. Our growth in EPS to AED 12.55 reflects our strong profitability and shareholder value, setting a confident course for… pic.twitter.com/rMaCqyEpLr
— International Holding Company (@ihc__official) February 26, 2024
Transformative growth
According to Sheikh Tahnoun bin Zayed Al Nahyan, chairman of IHC, he mentioned that IHC successfully navigated a year of transformative growth. He emphasized that this accomplishment was made possible through the establishment of key global partnerships and the maintenance of a versatile portfolio that allowed the company to adapt to economic fluctuations. He further highlighted that their efforts to deepen international connections were in line with their mission to support the UAE’s position as a premier financial and innovation leader.
The Chairman also acknowledged the trust placed in IHC by its shareholders, which has driven continuous value creation. He also took pride in the company’s commitment to sustainability, which was showcased on the global platform of COP28. The integration of Artificial Intelligence (AI) into their operations was mentioned as a means to enhance efficiency and contribute to IHC’s future growth across diverse industries. The Chairman expressed gratitude for the unwavering support of the company’s Board and shareholders, emphasizing their role in generating enduring value.
Expansion into new sectors
The Group’s results were driven by the strong performance of IHC’s subsidiaries operating across various sectors, including Real Estate & Construction, Utilities, Healthcare, Food & Agriculture, Marine & Dredging, and Services. Furthermore, the Group expanded its presence in Hospitality, Sustainability, AI & Technology, and Financial Services in line with its management’s vision.
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