International Holding Company (IHC), the most valuable listed company at Abu Dhabi Securities Exchange (ADX) with a market cap of AED899bn ($244.8bn), has posted record revenue and EPS growth for 2023 on the back of targeted acquisitions and performance of its portfolio companies.
IHC released its preliminary financial results for 2023 ending on December 31, and reported that its preliminary revenue climbed 18 per cent from last year’s AED50.94bn ($13.87bn) to AED60.089bn ($16.36bn).
Preliminary net profit of the company stood at AED32.75bn ($8.92bn) and the Earnings per Share (EPS) stood at an AED12.36, an impressive rise of 81.5 per cent from the previous year’s EPS of AED6.81.
IHC reports record revenue
In a statutory filing with the ADX, IHC maintained that these preliminary figures are subject to change following the external audit and the subsequent release of the Audited Consolidated Financial Statements of the Group.
IHC was founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE and has grown to become the region’s largest conglomerates. It is included in FTSE ADX 15 Index (FADX 15), representing the top 15 largest and most liquid companies on the ADX.
The company has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. It now comprises more than 500 subsidiaries and over 150,000 employees across a growing number of sectors, including asset management, healthcare, real estate and construction, marine and dredging, IT and communications, financial services, utilities and food production and service.
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