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IHC’s net profits up to AED 10.39bn in H1-23

IHC’s net profits up to AED 10.39bn in H1-23
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Abu Dhabi – Mubasher: International Holding Company (IHC) achieved net profits worth AED 10.39 billion during the first half (H1) of 2023, an annual rise from AED 10.35 billion.

IHC posted total revenues standing at AED 28.66 billion as of 30 June 2023, up 30.80% year-on-year (YoY) from AED 21.92 billion, according to the income statements.

In the first six months (6M) of 2023, the earnings per share (EPS) hit AED 3.27, versus AED 2.42 in H1-22.

Financial Results for Q2-23

The ADX-listed firm recorded a YoY drop in net profit to AED 6.12 billion during the second quarter (Q2) of 2023, compared to AED 6.80 billion.

Revenues increased to AED 12.92 billion in Q2-23 from AED 11.43 billion in Q2-22, while the EPS climbed to AED 2.08 from AED 1.54.

Syed Basar Shueb, CEO of IHC, commented: "The group has remained resilient despite global geopolitical conflicts, supply chain disruptions, and a high inflation environment, all of which have had varying economic effects on our operating businesses.”

“The results confirm that we are on the right track towards the goals we set for ourselves last December, with several acquisitions being completed in H1 2023 and a healthy pipeline paving the way for future growth,” Shueb added.

During the January-March 2023 period, IHC generated net profits attributable to the owners valued at AED 2.61 billion, higher YoY than AED 1.60 billion.