Abu Dhabi-based global strategic investment company International Holding Company (IHC) has reported a profit of AED3.55 billion ($966.5 million) in the first quarter of 2022, compared to AED1.5 billion for Q1 2021.
Driven by growth across all subsidiaries, IHC posted a revenue of AED10.49 billion, while total assets stood at AED96.04 billion.
IHC is continuing to deliver on its strategic growth plans, expanding its portfolio to 323 subsidiaries, an increase of 196% up from 109 in Q1 of 2021. Subsequently, the workforce is now totaling 22,345 employees, growing by over 194% since the first quarter of last year, the company said.
Syed Basar Shueb, CEO and Managing Director of IHC, said: “The performance of this first quarter reflects the resilience of our multi-business portfolio, in spite of continued volatility in the global marketplace. No one's immune, but we have fortified our business and built it in such a way that we ensure it keeps growing throughout unprecedented economic times; and we remain squarely focused on accelerating growth by strengthening our core business and expanding our presence in high-growth channels.”
IHC’s eight listed companies show consistently strong returns for shareholders, resulting in a 20% gain of earnings per IHC share from AED0.73 fils in Q1 2021 to AED0.88 fils in the first quarter of 2022, it said. – TradeArabia News Service