IHC net profit rises 20.5% to hit AED4.3 billion in Q1

ABU DHABI / WAM 

International Holding Company (IHC) on Friday announced its financial results for the first quarter of 2023. IHC recorded a group net profit of AED4.3 billion, representing a 20.5% increase compared to Q1 2022, with a net profit margin of 27.1%, demonstrating the continued momentum in executing its strategy and commitment to generating higher shareholder value.
IHC achieved a solid revenue increase of 50% versus Q1 2022, totalling AED15.7 billion during the first quarter of 2023. The significant growth was supported by positive performance in key segments such as asset management, healthcare, IT and communication, real estate and construction, marine and dredging, financial services, food, utilities and services, among others.  Syed Basar Shueb, IHC’s Chief Executive Officer, said, “The post Covid era UAE economy has strengthened and would account for those profits. Our subsidiaries, in general, play a critical role in our growing business model today. It will play an even bigger role going forward as we look to new business acquisitions and keep delivering value to our shareholders.”
“However, in Q2, we will also focus on developing new businesses and continue improving our operations by integrating more technology systems and introducing AI solutions across different business verticals,” Shueb added.
The consolidation of Aldar through IHC’s subsidiary Alpha Dhabi since Q2 2022 has significantly contributed to the real estate segment’s growth. Meanwhile, the acquisition of National Health Insurance (Daman) in October 2022 has boosted financial services.
IHC’s strong financial position is evidenced by its stable balance sheet, with total assets of AED217.4 billion as of March 31. While total borrowings increased by 6.5% to AED42.5 billion, this was mainly due to the company’s strategic investments in new businesses and organic growth. This approach has enabled IHC to expand its operations and strengthen its position in key markets.