The company said in a statement that it achieved record profits over nine months of 24 billion dirhams (equivalent to 6.5 billion dollars), mainly driven by the strong business performance of its subsidiaries, noting that the profits exceeded market expectations.
The company attributed the growth in profits compared to the same period last year to the continued momentum in the company’s direct and indirect strategic acquisitions, both locally and internationally, bringing the company’s total assets to 198.8 billion dirhams from 64.4 billion dirhams in the third quarter of 2021.
“The financial results reflect the strength that IHC has developed in recent years,” said Sayed Shuaib, CEO of IHC.
He added: “IHC plans to continue to focus on expanding into the global market, and we have set long-term goals to increase the number of global business acquisitions by 70 percent in the next 12 months, as our strong financial performance puts us in a good position to enter new markets. .The desire to expand and acquire IHC will remain strong in the future, as we continue to focus on our capabilities that guide our growth, including how we handle acquisitions, as this is one of our competitive advantages.”
The current assets of the International Holding Company, which includes its subsidiaries, grew by 138 percent by the end of September 2022 compared to December 31, 2021. The main contributors to the total current assets are Alpha Abu Dhabi Holding Company, Q Holdings and International Securities, Al-Seer Marine, and Multiplay Group.
Total cash and bank balances amounted to 31.80 billion dirhams in the third quarter of 2022, compared to 20.25 billion dirhams in 2021.
The revenues of the International Holding Company also jumped to 34.3 billion dirhams, an increase of 87 percent, as the company emerged stronger in the current competitive business climate, compared to 18.3 billion dirhams in the third quarter of the previous year.
The company’s higher quarterly revenue was driven by continued demand across all business activities and strategic acquisitions in the past 12 months including Aldar Properties, Arena Events Limited, Yas Clinic, Abu Dhabi Stem Cell Centre, Reem Investments, ADVOC, Ras Al Khaimah Investments Cement and Emircom. And CyberJet.
While IHC’s subsidiaries are preparing for a solid growth plan in the fourth quarter, the strong nine-month business performance of the subsidiaries this year reflected positively on the company’s results for the third quarter.
Among the five largest revenue-contributing sectors of the global holding company are energy, food, healthcare, real estate and utilities for the nine-month period ending September 30, 2022, followed by other business segments of the group in the private sphere.
According to the statement, the revenues of the global holding company increased as a result of acquisitions, especially in the India and Turkey region. The total value of the acquisition in the third quarter of this year exceeded 13.5 billion dirhams, including an energy deal worth 10 billion dirhams and an investment of 1.8 billion dirhams in Calyon Energy and 1.5 billion dirhams. One billion dirhams in Burjeel Holding, and 250 million dirhams in Emircom, all at a time when the company aims to list more of its companies on the Abu Dhabi Securities Exchange.
The statement indicated that the global holding company continues to search for major acquisitions in the fourth quarter to enhance its bottom line. It also continues to focus on its vision to build a strong and diversified asset holding company through strategic acquisitions in growth-driven industries and the creation of innovative companies that add value and achieve sustainable improvements for companies and local communities in the UAE and the countries in which its subsidiaries operate.
#jump #exceeded #expectations #profits #International #Holdings #billion #dollars #months