Abu Dhabi, UAE — International Holding Company (IHC) has reported AED 15.2 billion ($4.13 billion) in net profit for the first nine months of 2023 and a 9.5 percent increase in revenue to AED 14.2 billion for the third quarter of 2023.
In Q3 2023, IHC grew its total assets by 3.3 percent and reduced total liabilities by 1.3 percent (compared to December 2022). Additionally, total owner’s equity grew by 16.3 percent to AED 78.9 billion.
The Group intends to remain focused on optimizing its balance sheet and improving shareholder returns, IHC said in a statement.
Syed Basar Shueb, IHC’s Chief Executive Officer, said, “IHC produced a strong set of results in the third quarter, building on the momentum achieved since the start of the year. As global yields are expected to remain higher for longer, we anticipate continued volatility across the markets.”
“Despite the headwinds, the Group remains ideally positioned to deliver strong results in 2023 and the long term. While our key verticals are delivering organic growth, as demonstrated by NMDC Energy (previously known as NPCC) successfully winning large long-term contracts, and our real estate portfolio reporting record sales,” he said.