Home Business International Holding Company reports AED11.3 bn in net profit for 2021

International Holding Company reports AED11.3 bn in net profit for 2021

by Dubai Forum
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ABU DHABI, 11th February, 2022 (WAM) — International Holding Company PJSC (IHC), Abu Dhabi-based multi-sector conglomerate, announced today its preliminary financial results for 2021.

IHC’s strategic local and international acquisitions continued to strengthen the conglomerate’s balance sheet, reaching AED11.3 billion unaudited in net profits for the period ending December 2021 compared to AED 3 billion in 2020, an increase of AED8.2 billion (275%) during twelve months.

The company posted an all-time-high annual revenue in 2021, driven by business acquisitions and merge. IHC’s total revenue grew 303% in 2021 to AED 28.3 billion for the period ending December 2021, beating last year’s AED 7 billion revenue record, and validating the company’s decision to focus on existing verticals and new strategic local and international investment.

Syed Basar Shueb, IHC’s Chief Executive Officer and Managing Director, commented, “IHC has delivered a solid golden year with new records at all levels. The company’s strong ROI is demonstrated in our strategic acquisitions and subsidiaries’ performance; this year, we have strong momentum, and we’re going to accelerate even more in 2022 with a set target of AED 17 billion in profit.”

The company’s total assets increased to AED87 billion by the end of December 2021, up 520% from AED14 billion in 2020.

“During the last quarter, we continued to focus on strategic businesses and partnerships across all verticals to drive future growth. Our capital investment, and real estate business has delivered broad based, sustainable, and profitable growth, and we expect other businesses to continue to outperform the market in 2022,” Shueb added.

IHC’s solid per-share earnings in 2021 revealed that the company continues to be profitable to the shareholders as it has reached AED 4.01 at the end of December 2021, an increase of 154% compared to AED1.58 earnings per share in 2020.

WAM/Hatem Mohamed/Amjad Saleh

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