Abu Dhabi-based International Holding Company (IHC) reported remarkable half-year results, posting a 46 percent year-on-year rise in revenues to AED41.7 billion ($11.35 billion). The company also reported an 18 percent annual increase in net profit to AED12.3 billion ($3.35 billion).
Asset portfolio expansion
IHC attributes this growth in H1 to the growth in the real estate and construction, marine and dredging, hospitality and leisure, and technology segments, reflecting its expanding asset portfolio and the effectiveness of its operational strategies. During the first half of the year, IHC continued to expand its balance sheet with a 37 percent rise in its total asset position to AED362.9 billion compared to December 2023.
“Our half-year results highlight the relentless pace at which we execute our strategic objectives locally and internationally,” stated Syed Basar Shueb, CEO of IHC. “As we look ahead, our strong financial health and dynamic approach ensure that we are well-positioned for sustained growth and agility throughout the remainder of 2024 and beyond,” he added.
Key acquisitions
IHC witnessed significant developments across its subsidiaries during the first half of 2024 with strategic initiatives and notable acquisitions in key sectors such as energy, mining, agriculture and food. This has enabled the company to create greater value for shareholders and advance the UAE’s ambitious economic transformation goals.
Among the most notable acquisitions in H1 include a 14.83 percent stake in Grupo Nutresa, one of the largest food-processing conglomerates in Colombia and Latin America. IHC’s International Resources Holding also acquired a 51 percent equity interest in Mopani Copper Mines in Zambia, one of the biggest mines and exporters of copper and cobalt in the world.
During H1, Enersol, a joint venture between Alpha Dhabi Holding, a subsidiary of IHC, and ADNOC Drilling, also agreed to acquire an additional 42.2 percent equity stake in Gordon Technologies, becoming the majority equity shareholder.
Furthermore, 2PointZero, following its acquisition of the investment holding Was Four, expanded into the blockchain sector with a 49 percent stake in Citadel, the Middle East leader in crypto mining.
Read: e& and du paid $963.78 million in federal royalty to UAE government in H1 2024
IHC’s strategic initiatives
During the first half of 2024, IHC pioneered corporate governance by integrating Aiden Insight, an AI-powered virtual entity, as a board observer. On June 20, 2024, the company’s shareholders also approved the share buyback program amounting to AED5 billion, following the IHC board’s decision announcement in Q1 2024.
In addition, Modon Holding combined with Modon Properties, Abu Dhabi National Exhibitions Company (ADNEC), MIZA Investments, and other real estate assets, for consideration in the form of 9,491,481 thousand newly issued shares, creating one of the largest real estate companies in the UAE.
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