Abu Dhabi-based International Holding Company PJSC (IHC) reported a 308 percent surge in net profit to $1.96 billion (AED 7.2 bn) in the first nine months of 2021, driven by a series of acquisitions and strong performance across subsidiaries.
The multi-sector conglomerate posted revenue growth of 297 percent for the nine-month period to $4.98bn (AED 18.31bn).
Third-quarter revenue jumped 290 percent to $2.28bn (AED 8.39bn), and net profit to $780 million (AED 2.87 bn).
IHC’s strategic acquisitions continued to strengthen the conglomerate’s balance sheet, reaching $17.53bn (AED 64.4 bn), an increase of $13.69bn (AED 50.3bn) during the nine-month period ending September 2021. Total assets increased by $1.66bn (AED 6.1bn) during the third quarter.
Syed Basar Shueb, IHC’s Chief Executive Officer and Managing Director, commented: “Our investments in the third quarter, including strategic add-on acquisitions, have driven IHC’s growth and enhanced our market position and future growth trajectory. These results reflect the underlying strength of our business verticals, particularly in the construction sector, where we have expanded significantly in recent months.
“We continue to maintain a strong appetite for further expansion locally and internationally while retaining specific value creation objectives at the core of our acquisition strategy.
“There’s more to come for IHC growth, and I believe we have the right strategy in place to unlock the company’s full potential and create significant shareholder value.”
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