February 3, 2023

Dubai Week

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The profits of "Al Alamiah Holding" doubled 4 times to 4.36 billion dirhams in the first half

The profits of “Al Alamiah Holding” doubled 4 times to 4.36 billion dirhams in the first half

International Holding Company (IHC), listed on the Abu Dhabi Stock Exchange, continued to record strong growth in the first six months of this year, according to the company’s financial results released on Monday.

The multi-sector company recorded a revenue growth of 304% to reach AED 9.93 billion in the first six months of 2021, compared to the same period last year, while net profit grew by 436% to AED 4.36 billion, primarily driven by strategic acquisitions of companies. Commonly controlled by business groups.

It also led its tactical acquisitions International Holding Company To significantly enhance the Group’s balance sheet, as total assets increased from 14.01 billion dirhams at the end of December 31, 2020 to 58.32 billion dirhams at the end of June 30, 2021, with a significant growth of 316.3%.

Sayed Basr Shuaib, CEO and Managing Director of IHC, said: “IHC achieved exceptional growth over the past year despite the challenging economic environment for many sectors of the global economy. We are following a strategy that combines transformational acquisitions with additional natural growth by our key sectors. We have already built a conglomerate with diversified and integrated business activities spanning across the region. The company currently aspires to further expansion and will look to harness the increased revenue and operational synergies across the group.”

The global holding company achieved another notable achievement in the second quarter of 2021, when it became the most valuable listed company on the Abu Dhabi Stock Exchange (ADX), and was also included in the Forbes 2020 list of “Top 100 Companies in the Middle East”.

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In the second quarter results, the net profit of the International Holding Company amounted to 2.87 billion dirhams, an increase of 309% year-on-year, as a result of strategic acquisitions and expansion in its main sectors, while revenues increased by 339% to reach 7.65 billion dirhams in the three-month period.