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IHC reaches robust growth in H1 of 2024 with 18 percent profit growth
(MENAFN) International Holding Company (IHC), listed on the Abu Dhabi Securities Exchange, announced impressive financial results for the first half of 2024, with net profits reaching 12.3 billion dirhams (approximately 3.35 billion dollars). This represents an 18 percent increase compared to the same period last year.
According to a statement, IHC achieved remarkable revenue growth, totaling AED 41.7 billion (USD11.4 billion) in the first six months of the year, marking a 46 percent rise from the previous year. This surge in revenue is attributed to the sustained performance in the company’s primary sectors, including real estate, construction, marine and dredging operations, hospitality and entertainment, as well as technology. These sectors contributed to the expansion of the company's asset base and the effectiveness of its operational strategies.
IHC also bolstered its financial position, with total assets increasing to AED 362.9 billion, up 37 percent from December 2023. This growth underscores the company’s resilience and adaptability in the face of market fluctuations, while ensuring steady and sustainable development.
Syed Basar Shuaib, CEO of International Holding Company, remarked, “The results for the first half of the year highlight our ongoing progress in meeting our strategic goals, both domestically and internationally. Our performance outpaced market growth in key areas, and the strength of our strategic investments across our subsidiaries reinforce our leadership in the market and validate the effectiveness of our strategy. This exceptional performance showcases our dedication to innovation and excellence across all our operations and investments. As we move forward, we remain confident in our robust financial position and adaptable approach, which will support our efforts to enhance resilience and achieve sustained growth throughout 2024 and beyond.”
According to a statement, IHC achieved remarkable revenue growth, totaling AED 41.7 billion (USD11.4 billion) in the first six months of the year, marking a 46 percent rise from the previous year. This surge in revenue is attributed to the sustained performance in the company’s primary sectors, including real estate, construction, marine and dredging operations, hospitality and entertainment, as well as technology. These sectors contributed to the expansion of the company's asset base and the effectiveness of its operational strategies.
IHC also bolstered its financial position, with total assets increasing to AED 362.9 billion, up 37 percent from December 2023. This growth underscores the company’s resilience and adaptability in the face of market fluctuations, while ensuring steady and sustainable development.
Syed Basar Shuaib, CEO of International Holding Company, remarked, “The results for the first half of the year highlight our ongoing progress in meeting our strategic goals, both domestically and internationally. Our performance outpaced market growth in key areas, and the strength of our strategic investments across our subsidiaries reinforce our leadership in the market and validate the effectiveness of our strategy. This exceptional performance showcases our dedication to innovation and excellence across all our operations and investments. As we move forward, we remain confident in our robust financial position and adaptable approach, which will support our efforts to enhance resilience and achieve sustained growth throughout 2024 and beyond.”
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