Banking & Finance IHC H1 profit up $3.4bn as revenue rises 46% By Pramod Kumar August 7, 2024, 9:14 AM IHC Abu Dhabi's IHC said revenues were driven by sustained growth in divisions including tech, marine, real estate and hospitality Revenues at Abu Dhabi conglomerate International Holding Company (IHC) surged 46 percent for the first half of 2024 to AED41.7 billion ($11.3 billion). The company said it was due to sustained growth in its technology, real estate and construction, marine and dredging, and hospitality and leisure divisions. Net profits were up 18 percent to AED12.3 billion ($3.4 billion) for the first half of 2024, compared to AED10.4 billion a year ago. NewsletterGet the Best of AGBI delivered straight to your inbox every week However higher sales costs, lower earnings from associates and a decline in investment income meant second quarter net profits fell to AED4.3 billion, down 30 percent from AED6.1 billion a year earlier. But second quarter revenues were up 74 percent to AED22.5 billion, from AED12.9 million a year ago. Abu Dhabi’s IHC forms $27bn holding company 2PointZero IHC sets out plan to create Mena’s largest tech company UAE’s IHC makes $2.8bn offer for stake in Colombian food producer “Our ability to outperform market growth across key segments, driven by active investments from our subsidiaries, solidifies our position as a market leader,” IHC’s CEO Syed Basar Shueb said in a statement. In June shareholders approved a share buyback programme of up to AED5 billion. The company said this was driven by its robust financial standing, significant cash flow and a strong balance sheet.
