ABU DHABI, (Pakistan Point News - 03rd Aug, 2023) International Holding Company (IHC) unveiled its financial results for the second quarter (Q2) and first half (H1) of 2023, registering a group net profit of AED 10.4 billion, accompanied by net profit margin of 36.3 percent, underscoring the company's unwavering dedication to executing its strategic vision and delivering enhanced shareholder value.
In 2023, IHC has effectively sustained its growth trajectory, exemplified by an impressive revenue surge of 30.8 percent compared to H1 2022, culminating in a remarkable AED 28.7 billion for the first half of the year. This commendable performance can be attributed to the exceptional quality and resilience of IHC's assets, particularly in the marine and dredging, real estate, and financial services segments, which have significantly contributed to this substantial growth.
By capitalising on the strength of its asset portfolio, IHC has not only achieved greater value for its shareholders but has also played a pivotal role in advancing the UAE's ambitious economic transformation goals. As a key player in the region's business landscape, IHC continues to drive progress and contribute significantly to the nation's overall economic development.
"The results confirm that we are on the right track towards the goals we set for ourselves last December. IHC Q2 and H1 2023 results have lived up to our expectations, and I am thrilled to see that our cash position remains robust. Our unwavering commitment to pursuit of greater operating efficiencies across every aspect of our business has contributed to this positive outcome. Encouraging progress on reducing fixed and variable costs earlier in the year supported our adjusted EBITDA guidance for the year.” said Syed Basar Shueb, IHC’s Chief Executive Officer.
In H1 2023, IHC witnessed significant growth in its marine and dredging segment, attributed to the successful acquisition of large long-term agreements from industry giants ADNOC and Aramco by NMDC. The consolidation of Aldar since Q2 2022 played a pivotal role in bolstering the real estate segment's expansion. Additionally, the strategic acquisition of National Health Insurance (Daman) in October 2022 has notably boosted the financial services segment.
Despite prevailing challenging global macroeconomic conditions, IHC has continued to fortify its balance sheet, reporting a robust total asset position of AED 229.6 billion, marking a remarkable 40.3 percent increase compared to H1 2022. This achievement underscores the company's resilience and strategic acumen in navigating dynamic market conditions while ensuring steadfast growth. Moreover, total owner's equity demonstrated extraordinary growth, surging by 233.3 percent to AED 75.1 billion over H1 2022, solidifying IHC's unwavering commitment to delivering value to its esteemed shareholders.
IHC's exemplary growth trajectory and steadfast focus on ESG values reaffirm its position as a leading force in the global business landscape, poised for continued success and positive contributions to its stakeholders and the wider society.
