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IHC H1 profit up $3.4bn as revenue rises 46%

By Pramod Kumar
IHC abu dhabi 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.

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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.

“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.  

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