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IHC generates AED 1.332bn profits in Q1-21

IHC generates AED 1.332bn profits in Q1-21
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Abu Dhabi – Mubasher: The interim financial results of International Holdings Company (IHC) showed an increase in the net profits attributable to the owners to AED 1.332 billion in the first quarter (Q1) of 2021 from AED 112.194 million in the same quarter of 2020.

Higher profits are driven by the growth in the industrials and capital verticals.

The company’s revenues hiked by 219% to AED 2.276 billion in the first three months of 2021 from AED 713.104 million in the same period of 2020.

The basic earnings per share (EPS) settled at AED 0.73 in Q1-21, compared to AED 0.06 in Q1-20.

Commenting on the company’s performance, IHC’s CEO and Managing Director, Syed Basar Shueb, said: “We recorded AED 2.3 billion in revenue, and importantly these results highlight our ability to grow our operations despite the economic challenges and to acquire the right businesses that add genuine value and bring synergies to our conglomerate.”

It is noteworthy to mention that in 2020, the company showed AED 3.02 billion net profits, up from AED 505.6 million in 2019.