IHC Achieves Record AED 32.95 Billion Net Profit In Transformative 2023

International Holding Company (IHC), headquartered in Abu Dhabi, has reported its financial outcomes for the fiscal year ending on 31st December 2023. The conglomerate has experienced a significant period of growth, operational advancements, and achievements in sustainability, culminating in an impressive financial performance. H.H. Sheikh Tahnoun bin Zayed Al Nahyan, the Chairman of IHC, emphasized the company's transformative growth, underpinned by strategic global partnerships and a diversified portfolio. This approach has not only facilitated economic resilience but also supported the UAE's ambition to become a leading hub for finance and innovation.

The trust placed by shareholders has been instrumental in driving value creation, alongside a commitment to sustainability, highlighted at the COP28 global event. The incorporation of Artificial Intelligence (AI) into operations is steering IHC towards sustained growth across various industries, ensuring long-term value generation.

In 2023, IHC witnessed a surge in revenue to AED 60.1 billion, marking a 17.9 percent increase from the previous year's AED 50.9 billion. This growth is attributed to strategic acquisitions and the enhanced performance of existing businesses, particularly in the Marine & Dredging and Real Estate segments. Net Profit stood at AED 32.95 billion, with Earnings per Share (EPS) more than doubling from AED 6.81 to AED 12.55.

The Group's success is driven by its multi-sector subsidiaries operating in diverse sectors such as Real Estate & Construction, Utilities, Healthcare, Food & Agriculture, Marine & Dredging, and Services. Expansion into Hospitality, Sustainability, AI & Technology, and Financial Services aligns with IHC’s strategic vision for future growth.

Among its notable achievements, IHC's Alpha Dhabi’s ADMO JV finalized acquisitions in the luxury F&B and hospitality sectors. Sirius International Holding was established to focus on sustainability and digital transformation initiatives. At COP28, IHC showcased collaborative efforts across 19 subsidiaries and launched the Proseed Sustainability Hub to support the UAE’s sustainability goals.

A strategic acquisition of a 49 percent share in Modon Properties aims to enhance IHC’s real estate sector presence. Additionally, an investment in the Phoenix IPO positions IHC as a leader in Blockchain and Cryptocurrency Solutions globally.

Syed Basar Shueb, IHC’s CEO, highlighted the company's record profits in 2022 as a foundation for an even stronger performance in 2023. The achievements of this year are attributed to the dedication of IHC’s workforce, with their well-being being a core aspect of the company's ethos.

The establishment of 2PointZero marks a significant development in IHC's strategic direction, focusing on innovation across technology, materials & resources, and climate finance. With a commitment to leveraging advanced technologies and dedicated financial services, IHC is set to continue its growth trajectory across various industries.

With inputs from WAM