International Holding Company (IHC), the global diversified Abu Dhabi-based conglomerate, has announced its financial results for the year ended December 31, 2023.
The results show that revenue for IHC increased to AED 60.1 billion, a 17.9% increase from the previous year’s AED 50.9 billion.
The group shared that this is largely down to its strategic acquisitions and the bolstered financial performance of its existing businesses, with record sales by the Marine & Dredging and Real Estate segments.
Net Profit for IHC was reported at AED 32.95 billion, while Earnings per Share (EPS) more than doubled from AED 6.81 to AED 12.55.
IHC Chairman Tahnoon bin Zayed Al Nahyan said: “IHC has navigated a year of transformative growth, strengthened by forging key global partnerships and a versatile portfolio that has enabled us to adapt to economic fluctuations. Our efforts to deepen international connections underscore our mission to support the UAE’s ascent as a premier financial and innovation leader.”
Adding: “Trust from our shareholders has spurred continuous value creation, while our commitment to sustainability was showcased on the COP28 global platform. Artificial Intelligence (AI) is enhancing our operations, towards a future where IHC sustains growth across diverse industries and generates enduring value, backed by the firm support of our Board and shareholders.”
The Group shared that its results were driven by the strong performance of IHC’s multi-sector subsidiaries operating across various sectors, including Real Estate & Construction, Utilities, Healthcare, Food & Agriculture, Marine & Dredging, and Services.
It also expanded further across Hospitality, Sustainability, AI & Technology, and Financial Services, it shared.
Further, the Group highlighted that sustainability initiatives were positioned at the forefront of the Group’s commitments, noting the collaborative efforts of 19 subsidiaries at COP28. IHC also launched the Proseed Sustainability Hub.
Syed Basar Shueb, IHC’s Chief Executive Officer, commented: “IHC’s record profits in 2022 laid the groundwork for a stronger performance in 2023, enhancing our financial position and expanding our influence in key sectors critical to Abu Dhabi’s economic future. Our significant achievements this year have been fueled by the unwavering dedication of our expansive workforce, with their well-being integral to our corporate ethos and ongoing prosperity. This year’s dynamic progress positions us to drive future growth and diversify our investment strategy across new markets.”
On the establishment of 2PointZero, a ‘Next Generation Holding Company,’ the Group said it will represent a key development in IHC’s strategic trajectory, placing the group “at the forefront of innovation, concentrating on technology, materials & resources and climate finance.”