Revenue for the third quarter 2020 jumped 8-fold to AED 2.2 billion from AED 260.3 million in 3Q 2019. This was driven primarily by the following three company verticals; healthcare, food products and maintenance and service.
Syed Basar Shueb, IHC’s CEO and Managing Director, added: "It’s been a strong third quarter 2020. Our revenues leapt to AED 2.2 billion, and our net profit and total assets reached AED 959 million and AED 12.1 billion, YTD, respectively. This was primarily driven by our healthcare, food products and maintenance & service verticals, which make up to 67 percent of total revenues. We look forward to an outstanding end-of-year."
Strategic Investments During 3Q 2020, IHC continued its business expansion through a series of strategic investments, which contributed AED 60.6 million to asset growth over the period. The main transactions were the following: Acquisition of 100 percent of the Royal Architect Project Management LLC, RAPM. RAPM is a leading provider of design & engineering, project management and cost management services.
Acquisition of R-Med Medical Supplies LLC (52 percent interest) and Apex Alwataniah Catering Service LLC (60 percent interest). The former’s principal activities including procuring, packaging and distributing medical hygiene products; and the latter is engaged in the provision of catering services to private and public organisations.