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IHC witnesses higher profits in Q1-22

IHC witnesses higher profits in Q1-22
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Abu Dhabi – Mubasher: The net profits attributable to the owners of International Holding Company (IHC) hiked to AED 1.60 billion in the first three months (3M) of 2022 from AED 1.33 billion in the same period of 2021, according to the company's unaudited consolidated financials.

The company's revenues amounted to AED 10.49 billion in the first quarter (Q1) of 2022, up from AED 2.27 billion in the year-ago period.

The basic earnings per share (EPS) settled at AED 0.88 in Q1-22, against AED 0.73 in Q1-21.

The CEO and Managing Director of IHC, Syed Basar Shueb, commented: "The performance of this first quarter reflects the resilience of our multi-business portfolio, in spite of continued volatility in the global marketplace."

Meanwhile, Shueb added: "No one's immune, but we have fortified our business and built it in such a way that we ensure it keeps growing throughout unprecedented economic times; and we remain squarely focused on accelerating growth by strengthening our core business and expanding our presence in high-growth channels."