IHC Reports $3.35 Billion Net Profit in H1 of 2024

International Holding Company (IHC), the global diversified Abu Dhabi-based conglomerate and listed on Abu Dhabi Securities Exchange (ADX), on Wednesday announced the company has posted a net profit of $3.35 billion for the first half of 2024, marking an impressive 18% jump compared with the same period last year.

IHC’s revenue reached $11.35 billion, representing a 46% year-on-year increase, driven particularly by sustained growth in the real estate & construction, marine & dredging, hospitality & leisure, and technology segments, reflecting the depth of IHC’s expanding asset portfolio and the effectiveness of its operational strategies.

IHC continued to expand its balance sheet, reporting a total asset position of $98.8 billion, marking a 37% increase compared to December 2023. This achievement underscored both the company’s diligence and resilience in navigating dynamic market conditions, while maintaining steady growth.

IHC CEO Syed Basar Shueb said that their half-year results highlighted the relentless pace at which they were executing their strategic objectives locally and internationally. IHC’s ability to outperform market growth across key segments, driven by active investments from its subsidiaries, solidifies the company’s position as a market leader.

“This exceptional team performance is a testament to our continued commitment to innovation, operational excellence, and strategic investment. As we look ahead, our strong financial health and dynamic approach ensure that we are well-positioned for sustained growth and agility throughout the remainder of 2024 and beyond,” he said.

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 & 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.

H1-2024 Highlights

IHC acquired an equity stake of 14.83% in Grupo Nutresa. Operating in over 18 countries with 48 production plants, Grupo Nutresa is one of the largest food processing conglomerates in Colombia and Latin America.

Modon Holding (formerly Q Holding) combined with Modon Properties, Abu Dhabi National Exhibitions Company (ADNEC), MIZA Investments and other real estate assets, for a consideration in the form of around 9.5 million newly issued shares, creating one of the largest real estate companies in the UAE.

International Resources Holding acquired a 51% equity interest in Mopani Copper Mines in Zambia, one of the biggest mines and exporters of copper and cobalt in the world while 2PointZero, following its acquisition of the investment holding Was Four, expanded into the blockchain sector with 49% in Citadel, the Middle East leader in crypto mining.

IHC pioneered corporate governance by integrating Aiden Insight, an AI-powered virtual entity, as a Board Observer.

Multiply Group, one of the IHC subsidiaries, has acquired a 100% equity interest in Backlite Media LLC, one of the leading Digital Out-of-Home (DOOH) advertising companies in the UAE and another subsidiary Ghitha Holding acquired Marmum Dairy Farm, along with an additional stake in Al Ain Farms, further expanding and consolidating its presence in the dairy industry.