IHC reports net profit of Dh1.5b

International Holding Company (IHC) has reported a net profit of Dh1.5 billion led by major contributions from its industrials and capital verticals.

The company posted its results for Q1 2021, with revenues in the first quarter of 2021 standing at Dh2.276 billion, up from Dh1.563 billion in Q1 2020. The significant improvement in net profit in absolute and percentage terms was mainly due to improved business performance and profits attributable to acquisitions and investments completed in the second half of 2020.

IHC’s total assets stood at Dh19.7 billion as at March 31, 2021, compared to Dh14 billion as at December 31, 2020.

Syed Basar Shueb, IHC’s chief executive officer and MD, said: "Our first quarter financials were principally driven by our Industrials and Capital verticals, which provided the main thrust of our revenues. We recorded Dh2.3 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.”

IHC executed numerous deals during the first quarter. The main highlights include a 60 per cent acquisition of Afkar Financial and Property Investments, which includes businesses in commercial enterprises investment, institution and management, real estate enterprises investment and development. It also includes the acquisition of Apex Catering and restructuring into Apex Holding, and acquiring Apex National Investment – real estate; Central Tents Co – merchandise; Boudoir Interiors – interior design; and RR Facility Management – facility management.

The company also saw investment in Sinovation Disrupt Fund, a US-based fund investin primarily in equity and equity-linked securities of privately held companies focused on AI and other advanced enabling technologies; as well as increased investment in NMDC, which is focused on dredging, reclamation and marine construction.

business@khaleejtimes.com