International Holding Company (IHC), the global diversified Abu Dhabi-based conglomerate, announced impressive financial results for the nine-month period ending on September 30, 2024. The company’s profits after tax rose 18.3 percent annually to AED18 billion ($4.9 billion). Meanwhile, its revenues surged 49.4 percent year-on-year to AED64 billion ($17.4 billion).
This growth reflects IHC’s continued commitment to delivering enhanced shareholder value through disciplined strategic execution across key verticals.
“Our nine-month results highlight the resilience and the precision of our strategic execution across key sectors. We’ve seen robust activity throughout our diversified portfolio, driving consistent, value-enhancing growth,” stated Syed Basar Shueb, CEO of IHC.
Real estate segment propels growth
Notable contributions from IHC’s real estate and construction segment further supported the company’s finances this year. IHC’s real estate momentum was driven by an increase in Aldar‘s revenue from strong property development sales. In addition, higher revenue from strategic acquisitions and new projects, and the consolidation of Modon, ADNEC, Miza, and other assets under Modon Holding (formerly Q Holding) further propelled growth.
Additionally, the marine and dredging segment experienced positive traction, with NMDC’s recent project wins and steady progress on ongoing projects. With solid gains across key sectors and substantial asset growth through these strategic transactions in the first nine months, IHC is ready to carry this growth trajectory forward into a promising fourth quarter.
Total assets surge to $104.25 billion
IHC reported earnings before interest and taxes of AED21.8 billion, a 24.9 percent increase year-on-year. The company’s total assets reached AED382.9 billion, representing a 44.9 percent growth since December 2023. Additionally, IHC’s cash and bank balance grew by 43.9 percent, reaching AED 48.8 billion. These results further reinforce the company’s ability to seize further growth opportunities.
As IHC approaches year-end, it remains committed to advancing its global expansion plans and delivering high-value growth to shareholders, while capitalizing on its strong asset base and cash reserves.
“With strong momentum heading into the fourth quarter, we are positioned to capitalize on further opportunities while remaining focused on operational excellence and long-term value creation. I am confident that this trajectory will continue to reinforce IHC’s commitment to delivering enhanced shareholder value,” added Shueb.
Read | UAE’s debt capital markets grow 13.1 percent YoY to $294.4 billion by Q3 2024: Fitch
Key Q3 2024 deals
IHC and its subsidiary Sirius International Holding launched Rorix Holdings in Q3 2024, expanding IHC’s presence in global financial services. In addition, Enersol acquired EV Holdings to enable advanced diagnostics in the oil and gas sector.
Meanwhile, NMDC Energy successfully debuted on the ADX with an IPO that recorded an oversubscription of 31.3 times. Additionally, Al Ain Farms will expand its operations into Saudi Arabia through the acquisition of Saha Arabian Farms, strengthening Ghitha’s footprint in the poultry and livestock production sectors and enhancing IHC’s presence in regional agribusiness.
Sawaeed Holding acquired United International Group (UIG) and Progressive Real Estate Development. With that, it established itself as the flagship platform for manpower and accommodation services under Emirates Stallions Group, further strengthening IHC’s regional capabilities.
Finally, IHC, through its subsidiary International Financial Assets Holding, acquired eFunder, a leading digital financing platform that provides small and medium-sized businesses with consistent cash flow against their receivables.
For more news on banking & finance, click here.
