Abu Dhabi’s IHC net profit hits record AED32.6bn in 2022

ABU DHABI / GULF TIME

International Holding Company (IHC), the global diversified Abu Dhabi-based conglomerate, announced on Friday its audited financial results for the full year of 2022 resulting a AED 32.6 billion net profit, the company’s best profit record to date.
The fourth quarter of 2022 saw a significant increase in net profit reaching AED 8.3 billion compared to AED 4.3 billion in the same period last year; an increase of 91%, as an outcome of the positive business performance across all verticals in current unfavourable global market conditions.
The multi-sector conglomerate posted revenue growth of 78% percent reaching AED 50.9 billion in the twelve months of 2022 compared to the same period last year, while net profit grew from 11.6 billion to AED 32.6 billion — mainly driven by IHC subsidiaries’ performance and the local and global strategic acquisitions that were completed during the year.
The consistency of IHC’s revenue increase was achieved through new business acquisitions, organisational operational efficiency beyond cost management, and by drawing a strategy that looks both internally and externally at the organisation’s process for how it work.
Syed Basar Shueb, IHC’s Chief Executive Officer, said: “I am extremely proud of what we have achieved in 2022, the external environment we faced was mixed in some of the key markets. However, our strategy, outlined in 2021, aligns us with the major engines of global growth and we see strong progress across our strategic businesses and priorities. The global economy remained resilient, with the recent relaxation of Covid-19 restrictions in China providing more grounds for optimism in 2023, IHC will continue to drive commerce and prosperity in markets across the world through our unique investment’s diversity.”
IHC’s business strategy has resulted in the significant strengthening of the company’s balance sheet with the total assets increasing from AED 89 billion by end of December 31, 2021, to AED 282 billion at the end of December 31, 2022 — a 156% percent growth.
The increase in IHC subsidiaries number from 302 in 2021 to 482 subsidiaries and 41 joint ventures and associates in 2022 has fostered the company’s global business growth and developments in IHC’s nine primary business segments, clean energy, food and agriculture, healthcare, IT and AI, real estate, captial retail and leisure in 20 countires across Asia, Afrcia, Europe, North and South Amercia.
“Our performance in 2022 is due in large part to the incredible work of over 125,732 people across the world, supported by the Management Team, and we are looking forward to the opportunities that 2023 will bring as we remain committed to; deliver stronger financial performance in the next few months.” Syed Basar Shueb added.