International Holding Company of Abu Dhabi has reported a profit of AED 3.55 billion ($970 million), driven by growth across all subsidiaries in Q1 of 2022.
In comparison, the profit in Q1 of 2021 was reported to be AED 1.5 billion ($410 million).
Also, with a revenue of AED 10.49 billion; the total assets stood at AED 96.04 billion.
IHC continues 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 measuring 22,345 employees, growing by over 194% since the first quarter of last year.
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 AED 0.73 fils in Q1 2021 to AED 0.88 fils in the first quarter of 2022.
