Abu Dhabi’s International Holding Company PJSC (IHC) has reported a121 percent jump in its revenue to AED 21.93 billion in the first six months of 2022, compared to the same year-ago period.
The conglomerate’s net profit during the period rose 137 percent to AED 10.35 billion, compared to the first half of 2021.
IHC said its strategic acquisition of companies in the first half this year had a positive impact on the organisation’s net worth, as the total assets exceeded the company liabilities increasing from AED 88.98 billion by the end of December 31, 2021 to AED163.69 billion at the end of June 30, 2022, an immense 84 percent growth.
Syed Basar Shueb, IHC’s chief executive officer, said despite the ongoing global market volatility, this first half performance demonstrated the versatility of the Group’s portfolio.
“There remains much to be done to capture our strategy’s full potential, strengthening the Group’s performance even further, as other mega acquisition deals present themselves in the second half of this year – locally and globally. It will continue for many quarters,” he said.
IHC’s strategic investments during the period included investments of AED 7.3 billion (US$2 billion) in the Indian conglomerate Adani Group and acquisition of a 70 percent stake in Arena, the global event structures and services company.
As per a May filing, IHC invested another AED92 million (US$25 million) into SpaceX, and bought a 25 percent share in the Dubai-based trading company Invictus.
The company’s board has also approved the acquisition of three new companies – Cyber Gate, Reach, and Emircon, subject to the authority’s approval.
IHC’s portfolio has grown to 372 subsidiaries, an increase of 49 from 323 in Q1 2022.
The Group’s workforce now stands at 52,345, growing by over 30,000 since the first quarter of last year.
“Before you can even think about your company’s growth trajectory, you need a solid team to help you achieve your goals,” Shueb said.
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