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IHC generates AED 15.22bn net profits in 9M-23

IHC generates AED 15.22bn net profits in 9M-23
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Abu Dhabi – Mubasher: The net profits of International Holding Company (IHC) reached AED 15.22 billion in the first nine months (9M) of 2023, compared to AED 24.27 billion a year earlier.

Earnings per share (EPS) went down to AED 5.16 in 9M-23 from AED 5.95 in 9M-22, according to the interim income statements.

IHC posted revenues amounting to AED 42.82 billion in January-September 2023, versus AED 34.31 billion during the same period in 2022.

Total assets grew by 3.30% to AED 235.60 billion in 9M-23 when compared to December 2022.

Financial Results for Q3-23

In the third quarter (Q3) of 2023, the ADX-listed company recorded a year-on-year (YoY) plunge in net profit to AED 4.82 billion, compared to AED 13.91 billion.

Revenues increased to AED 14.15 billion in Q3-23 from AED 12.38 billion in Q3-22, while the EPS declined to AED 1.89 from AED 3.52.

Syed Basar Shueb, CEO of IHC, said: “IHC produced a strong set of results in Q3, building on the momentum achieved since the start of the year.”

“Amid this persistently challenging global economic backdrop, we expect our balance sheet strength and financial resilience to continue serving as foundations for the creation of additional shareholder value, as we explore new opportunities both domestically and internationally,” Shueb highlighted.

The CEO added: “Total owner’s equity grew by 16.30% to AED 78.90 billion. The group intends to remain focused on optimizing its balance sheet and improving shareholder returns.”

In the first half (H1) of 2023, IHC recorded higher net profits at AED 10.39 billion, versus AED 10.35 billion in H1-22.