ABU DHABI — Ethmar International Holding (EIH) has announced the distribution of US$27.2294 million of the dividends to its investors based on the interim results for the first half of 2023 (H1), ending on 30th June, 2023.
This move further solidifies EIH’s growing stature within the investment landscape of the capital and the UAE, showcasing its outstanding financial performance and significant growth.
During the first half of 2023, EIH registered a net profit of US$121.221 million, a stark contrast to the US$6.535 million during the same period in 2022.
Ali El Gebely, Managing Director and Group CEO of EIH, remarked, “These commendable results are a testament to the foresight and adept guidance of EIH’s board of directors, complemented by the relentless dedication of our team. On this note, we reiterate our unwavering commitment to safeguarding the interests of our investors and our ongoing endeavor to uncover new and lucrative investment avenues.”
The surge can be attributed to EIH’s significant expansion of total assets this year, synergized with its acquisition and diversification strategy. The company’s assets swelled from US$21.171 million in the first half of 2022 to a whopping US$607.19 million by the end of the first half of 2023. Furthermore, there was a notable ascent in total equity, clocking in at approximately US$367.597 million, compared to US$18.056 million during the corresponding period the previous year.
El Gebely further elaborated, “The initial half of this year has illuminated the triumphant outcomes of EIH’s strategic endeavors across its diverse business sectors and investment portfolios. These stellar results pave the way for expansive growth opportunities, resonating with the ambitious economic aspirations of both the UAE and Abu Dhabi. They also underscore the company’s efficacy in championing expansion, enhancing governance, adhering to international best practices, and consistently innovating to establish new benchmarks for growth and prosperity.”