The UAE’s International Holding Company has reported a net profit of Dh12.3 billion for the first half of 2024, marking an 18% jump compared to the same period last year.
The company’s revenue during this period reached Dh1.7 billion, representing a 46% year-on-year increase, driven particularly by sustained growth in the real estate & construction, marine and dredging, hospitality and leisure, and technology segments.
Nonetheless, IHC saw its Q2 profit decline 29.8% to Dh4.3 billion compared to Q2 2023. The decline has been attributed to an increase in general and administrative expenses, as well as rising finance costs. During this period, revenues jumped to Dh22.46 billion, up 73.7% from the Dh12.9 billon recorded in Q2 2023.
Syed Basar Shueb, CEO of IHC, commented: “Our half-year results highlight the relentless pace at which we execute our strategic objectives locally and internationally. Our ability to outperform market growth across key segments, driven by active investments from our subsidiaries, solidifies our position as a market leader.”
IHC has made notable acquisitions in key sectors during H1 2024, including energy and mining. Over the course of the year, IHC acquired an equity stake of 14.83% in Grupo Nutresa and a 51% equity interest in Mopani Copper Mines in Zambia, one of the biggest mines and exporters of copper and cobalt in the world.
IHC reported a total asset position of Dh362.9 billion, marking a 37% increase compared to December 2023.
