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IHC generates higher profits in Q1-23; revenues leap 50%

IHC generates higher profits in Q1-23; revenues leap 50%
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Abu Dhabi – Mubasher: The net profits attributable to the owners of International Holding Company (IHC) enlarged to AED 2.61 billion in the first quarter (Q1) of 2023 from AED 1.60 billion in Q1-22.

The revenues stood at AED 15.74 billion as of 31 March 2023, an annual hike of 50% from AED 10.49 billion, according to the interim consolidated income statements.

Basic and diluted earnings per share (EPS) increased to AED 1.19 in Q1-23 from AED 0.88 during the January-March 2022 period.

Total assets amounted to AED 217.41 billion during Q1-23, versus AED 228.03 billion as of 31 December 2022.

Syed Basar Shueb, CEO of IHC, underlined: "The post-COVID era UAE economy has strengthened and would account for those profits. Our subsidiaries, in general, play a critical role in our growing business model today, and it will play an even bigger role going forward as we look to new business acquisitions and to keep on delivering value to our shareholders.”

“However, in Q2, we will also focus on developing new businesses and continue improving our business operations by integrating more Technology systems and introducing AI solutions across different business verticals.” Shueb indicated.

“At the outset of 2023, the global economy has seen some positive signs as inflation and energy prices ease from their peak levels. The results showed that IHC was delivering on its promises and the Q1 results reflected the strength and resiliency of our business in the face of global market conditions, despite a slowdown in some of the markets,” the CEO stated.

Last year, IHC logged net profits attributable to the equityholders valued at AED 12.65 billion, a leap from AED 7.33 billion in 2021.