When the Paris opening ceremony begins on July 26, it will be the first time the city has played host for a century after previous editions in 1924 and 1900
sports3 hours ago
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
When the Paris opening ceremony begins on July 26, it will be the first time the city has played host for a century after previous editions in 1924 and 1900
sports3 hours ago
This decision to invite players outside of the top 100 has precedents which is an interesting initiative to watch
sports4 hours ago
Saudi Arabia's Abdullah Al-Qahtani meets Morocco's Taha Bendaoud in the main event
sports4 hours ago
The airport will have a passenger capacity of 260 million per annum and fully absorb Dubai airport operations
business4 hours ago
The investment has become attractive as the rupee has weakened against the US dollar
business4 hours ago
The NBA Abu Dhabi Games will feature 17-time champions Boston Celtics and defending champions Denver Nuggets in October
sports4 hours ago
The last time there was a substantial taxi fare increase was back in July 2022, following a series fuel price hikes
transport4 hours ago
Middle-East grown interiors brand opens two new store locations
business4 hours ago