Abu Dhabi-based multi-sector conglomerate International Holding Company PJSC (IHC) has announced net profits of more than $3 billion in 2021.
IHC said its local and international acquisitions continued to strengthen its balance sheet, resulting in AED11.3 billion ($3.08 billion) unaudited in net profits in 2021.
This was an increase of AED8.2 billion ($2.23 billion) — or 275 percent — during the year, as compared to AED 3 billion ($816.88 million) in 2020.
The company posted an all-time-high annual revenue in 2021, apparently driven by business acquisitions and mergers.
IHC’s total revenue grew 303 percent in 2021 to AED 28.3 billion ($7.71 billion), beating the previous year’s AED 7 billion ($1.91 billion) revenue record.
IHC’s Chief Executive Officer and Managing Director Syed Basar Shueb said: “This year, we have strong momentum, and we’re going to accelerate even more in 2022 with a set target of AED 17 billion ($4.63 billion) in profit.”
The company’s total assets increased to AED87 billion ($23.69 billion) by the end of December 2021, up 520 percent from AED14 billion ($4.08 billion) in 2020.
“During the last quarter, we continued to focus on strategic businesses and partnerships across all verticals to drive future growth,” said Shueb.
“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,” he added.
IHC’s solid per-share earnings in 2021 reached AED4.01 ($1.09) at the end of December 2021, an increase of 154 percent compared to AED1.58 ($0.43) earnings per share in 2020.