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Real-estate growth pushes IHC revenue up by 49%

By Pramod Kumar
Growth in IHC's real estate and construction segment was driven by an increase in Aldar’s revenue from strong property development sales Aldar
Growth in IHC's real estate and construction segment was driven by an increase in Aldar’s revenue from strong property development sales

Abu Dhabi conglomerate International Holding Company (IHC) said revenue surged 49 percent year on year for the first nine months of 2024 to AED64 billion ($17.4 billion), supported by the real estate and construction segment.

The segment’s growth was driven by an increase in Aldar’s revenue from strong property development sales, higher income from acquisitions and new projects, and the consolidation of Modon, ADNEC, Miza, and other assets under Modon Holding (formerly Q Holding).

Additionally, the marine and dredging segment experienced positive traction, supported by NMDC Group’s new project wins.  

Profit after tax rose 18 percent year on year to AED18 billion for the nine-month period.

Total assets reached AED383 billion, representing a 45 percent growth since December 2023, driven by strategic investments and significant asset transfers.

With strong momentum heading into the fourth quarter, we are positioned to capitalise on further opportunities, said Syed Basar Shueb, CEO of IHC.

The company reported a third-quarter net profit after tax of AED6 billion, up 17 percent annually, as revenue climbed 56 percent year on year to AED22 billion.

IHC has more than 1,000 subsidiaries across a number of sectors, such as asset management, healthcare, real estate and construction, marine and dredging, IT and communications, financial services, food production and service, and utilities.

Its market cap stood at AED893 billion as of September 30, 2024.

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