Abu Dhabi’s IHC Posts $3.87 Billion Revenue in Q3-2023

International Holding Company (IHC), the global diversified Abu Dhabi-based conglomerate, has recorded a revenue of $3.87 billion for Q3 of 2023, representing a 9.5% increase over the previous quarter in 2023.

During the 9 months period ending September 2023, the Group reported a Profit After Tax of $4.14 billion compared with $6.62 billion in the corresponding period in 2022, IHC said in a filing with Abu Dhabi Securities Exchange (ADX) on Wednesday.

In Q3 of 2023, IHC grew its total assets by 3.3% and reduced total liabilities by 1.3%. Additionally, total owner’s equity grew by 16.3% to $21.48 billion. The Group intends to remain focused on optimising its balance sheet and improving shareholder returns.

Syed Basar Shueb, IHC’s Chief Executive Officer, said that IHC has produced a strong set of results in the third quarter, building on the momentum achieved since the start of the year.

“As global yields are expected to remain higher for longer, we anticipate continued volatility across the markets. Amid this persistently challenging global economic backdrop, we expect our balance sheet strength and financial resilience to continue serving as foundations for the creation of additional shareholder value, as we explore new opportunities both domestically and internationally,” he explained.

He said that despite the headwinds, the Group remains ideally positioned to deliver strong results in 2023 and in the long term.

“While our key verticals are delivering organic growth, as demonstrated by NMDC Energy (previously known as NPCC) successfully winning large long-term contracts, and our real estate portfolio reporting record sales. The Group is also focusing on the long-term strategy, this includes rebalancing of the current investment portfolio, vertical integration across our subsidiaries, and venturing into new sectors,” Shueb added.

Sustainability Vital

Sustainability is a key requisite to building a better tomorrow for future generations while also unlocking new dimensions of value creation. To support the UAE’s Net Zero by 2050 strategic initiative, IHC continues to build on earlier initiatives such as the ‘Proseed’ Sustainability Hub by working with portfolio companies to help achieve net zero emission targets and enhance the group’s efforts and strategies toward collective action in sustainability.

In the lead up to UAE hosting COP28, IHC is well positioned to showcase its role of private sector contribution from climate ambition to climate action while realising economic growth, diversification, and prosperity.

About IHC

IHC was founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE and has grown to become the most valuable listed holding company in the Middle East with a market cap of $239.31 billion as of 30 September 2023.

The company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates. IHC is included in FTSE ADX 15 Index (FADX 15), representing the top 15 largest and most liquid companies on the ADX.

Comprising more than 500 subsidiaries and over 107,000 employees, IHC seeks to expand and diversify its holdings across a growing number of sectors, including asset management, healthcare, real estate, and construction, marine and dredging, IT and communications, financial services, food production and service, utilities, and services.