IHC reports AED41.7 billion revenue in H1 2024

ABU DHABI: International Holding Company (IHC) announced outstanding results for the first half of 2024 with a net profit of AED12.3 billion, marking an 18% jump compared to the same period last year. In a press release on Wednesday, the company said that revenue reached AED41.7 billion, representing a 46% year-on-year increase, driven mainly by sustained growth in the real estate and construction, marine and dredging, hospitality and leisure, and technology segments. IHC continued to expand its balance sheet, reporting a total asset position of AED362.9 billion, marking a 37% increase compared to December 2023. This achievement underscores both the company's diligence and resilience in navigating dynamic market conditions, while maintaining steady growth. Syed Basar Shueb, CEO of IHC, said, "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 f rom our subsidiaries, solidifies our position as a market leader. This exceptional team performance is a testament to our continued commitment to innovation, operational excellence, and strategic investment." The first half of 2024 was characterised by significant developments across subsidiaries, with strategic initiatives and notable acquisitions in key sectors such as energy, mining, and agriculture and food. These advancements have enabled IHC to create greater value for shareholders while continuing to play a pivotal role in advancing the UAE's ambitious economic transformation goals. Source: Emirates News Agency