International Holding Co PJSC, known commonly as IHC, based in Abu Dhabi, has revealed impressive financial results for the first half of the fiscal year, showcasing a robust profit increase of 18% compared to the previous year. This growth is largely attributed to a strategic period characterized by notable acquisitions and innovative initiatives within the company’s operational framework.
In an era where companies strive for resilience and adaptability, IHC's performance stands out in a dynamic market environment. The holding company, which has built a diverse portfolio encompassing over 1,000 entities across at least eight sectors, announced a net profit of 12.32 billion Emirati dirhams.
This marks a significant rise from the 10.40 billion dirhams reported in the same period last year. It is noteworthy that the net profit attributable to the company’s owners experienced a slight decrease, coming in at 7.08 billion dirhams down from 7.18 billion dirhams. Revenue for the six months concluding on June 30 experienced a remarkable surge, soaring to 41.74 billion dirhams, up from 28.67 billion dirhams a year prior.
Among the various segments contributing to this revenue growth, marine and dredging operations emerged as the most significant, followed closely by sales in property development and construction. Furthermore, IHC has diversified its revenue streams by introducing new sources, which include copper sales, funds, advisory fees, flight charters, and leasing factoring.
This diversification reflects the company's commitment to innovation and expansion, key elements in today’s competitive marketplace. IHC has strategically identified several sectors as pivotal for growth: Real Estate & Construction, Marine & Dredging, Hospitality & Leisure, and Technology. These sectors are viewed as crucial growth drivers, providing a solid foundation for the company’s ambitious expansion goals. Interestingly, while the majority of IHC’s income still stems from domestic operations, which accounted for 34.52 billion dirhams, cross-border revenue has also shown impressive growth.
This revenue doubled, rising to 7.23 billion dirhams from 3.35 billion dirhams, underscoring the successful international strategies being executed by the company. Reflecting on these results, Chief Executive Syed Basar Shueb expressed confidence in IHC's trajectory. "Our half-year results highlight the relentless pace at which we execute our strategic objectives locally and internationally," he stated in an official communications.
"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." Despite these promising results, the IHC stock remained flat during midday trading on the Abu Dhabi bourse, indicating a pause as the market digests the company's impressive financial performance amidst broader economic considerations. This compelling financial report not only showcases IHC's thriving business model but also serves as a major indicator of the fiscal health and strategic foresight that is making IHC a formidable player within its sectors on both local and international stages..