IHC reports net profit of AED32.95 billion in 2023

International Holding Company

International Holding Company (IHC), the global diversified Abu Dhabi-based conglomerate, has announced its financial results for the year ended 31st December 2023, showcasing a remarkable year of transformational growth, operational excellence, achievements in sustainability, and stellar financial performance.

H.H. Sheikh Tahnoun bin Zayed Al Nahyan, IHC Chairman, said, “IHC has navigated a year of transformative growth, strengthened by forging key global partnerships and a versatile portfolio that has enabled us to adapt to economic fluctuations. Our efforts to deepen international connections underscore our mission to support the UAE's ascent as a premier financial and innovation leader.

"Trust from our shareholders has spurred continuous value creation, while our commitment to sustainability was showcased on the COP28 global platform. Artificial Intelligence (AI) is enhancing our operations, towards a future where IHC sustains growth across diverse industries and generates enduring value, backed by the firm support of our Board and shareholders.”

IHC showcased strong financial performance and aggressive expansion in 2023. The revenue for IHC surged to AED 60.1 billion, a significant 17.9 percent increase from the previous year's AED 50.9 billion. This leap in revenue has been credited to strategic acquisitions, and the bolstered financial performance of its existing businesses, with record sales by the Marine & Dredging and Real Estate segments.

Net Profit for IHC was robust, reported at AED 32.95 billion. In tandem, Earnings per Share (EPS) experienced remarkable growth, more than doubling from AED 6.81 to AED 12.55, which mirrors the company's solid profitability and the substantial value generated for its shareholders.

The Group's results were driven by the strong performance of IHC’s multi-sector subsidiaries that operate across a diverse range of sectors including Real Estate & Construction, Utilities, Healthcare, Food & Agriculture, Marine & Dredging, and Services. The Group also expanded further across Hospitality, Sustainability, AI & Technology, and Financial Services which is in line with the management's vision for the Group. The Group’s commitment and the company's strategic initiatives position IHC for sustained growth across multiple sectors in the forthcoming years.

Key Accomplishments: • Alpha Dhabi’s ADMO JV successfully finalised the acquisitions of Ce La Vi, Nammos Group, and Em Sherif, diversifying into luxury F&B and hospitality sectors. • Sirius International Holding was formed to leverage disruptive technologies for sustainability and digital transformation to combat climate change. • Sustainability initiatives were positioned at the forefront of the Group’s commitments. At COP28, IHC highlighted the collaborative efforts of 19 subsidiaries. Additionally, IHC launched the Proseed Sustainability Hub, contributing to the UAE’s sustainability agenda. • IHC successfully acquired a 49 percent share in Modon Properties, a strategic move to bolster its presence in the real estate and lifestyle sector. • The cornerstone investment in the Phoenix IPO positioned IHC as the regional leader in Blockchain and Cryptocurrency Solutions on a global scale.

Syed Basar Shueb, IHC’s Chief Executive Officer, said, “IHC's record profits in 2022 laid the groundwork for a stronger performance in 2023, enhancing our financial position and expanding our influence in key sectors critical to Abu Dhabi’s economic future. Our significant achievements this year have been fueled by the unwavering dedication of our expansive workforce, with their well-being integral to our corporate ethos and ongoing prosperity. This year’s dynamic progress positions us to drive future growth and diversify our investment strategy across new markets.”

The subsequent establishment of 2PointZero, a ‘Next Generation Holding Company’ will represent a key development in IHC's strategic trajectory, placing the group at the forefront of innovation, concentrating on technology, materials & resources and climate finance. IHC is poised to maintain healthy growth across various industries. The Group's commitment to leveraging cutting-edge technologies and dedicated financial services is underscored by its pledge to advance the regional and global economic landscape.