International Holding Company (IHC) reported an 87.6% growth in Q1 2024 net profit reaching Dh8 billion compared to Dh4.3 billion in Q1 2023. Revenue surged 22.5% to Dh19.3 billion, driven by strong performances across core sectors such as real estate and construction, technology, marine and dredging, food, and services. The strategic consolidation of assets in February 2024 significantly boosted the real estate segment, while the marine and dredging sectors continued to see positive momentum.
“The strategic consolidation of assets from Q Holding with Modon, ADNEC, Miza Investment, and other entities in February 2024 significantly boosted the real estate segment,” the company said in a statement on Tuesday. “Additionally, the marine and dredging sector saw continued positive momentum from NMDC, carrying forward the success from FY23.”
Profit after Tax margin stood at 41.6%, with earnings per share at Dh2.17.
Syed Basar Shueb, CEO of IHC, said, “This quarter’s record revenues underscore our ongoing resilience and strategic focus on growth through selective acquisitions that enhance operational synergies and solidify our standing as a global industry leader.”
In Q1 2024, the company launched 2PointZero to focus on key sectors, including financial services, mineral and resource management, transformative technology AI and digital and cryptocurrency ecosystems.
The Board approved a Share Buyback Programme of up to Dh5 billion, slated for execution over a one-year timeframe.
