IHC Revenue Grow 49.4% $17.43 Billion; PAT Surges To $4.9bn

With strong performances from its real estate and construction segment, the company’s profit after tax was up 18.3 per cent to AED 18 billion ($4.9 billion). IHC reported an EBIT of AED 21.8 billion ($5.94 billion), a 24.9 per cent increase YoY.

Strategic investments and significant asset transfers took IHC’s total assets to AED 382.9 billion ($104.3 billion), a 44.9 per cent growth since December 2023. Cash and bank balance grew by 43.9 per cent, reaching AED 48.8 billion ($13.3 billion).

The real estate surge was thanks to an increase in Aldar’s revenue from strong property development sales, higher revenue from strategic acquisitions and new projects, and by the consolidation of Modon, ADNEC, Miza, and other assets under Modon Holding (formerly Q Holding).

The marine and dredging segment also experienced positive traction, supported by NMDC’s recent project wins and steady progress in ongoing projects.

Syed Basar Shueb, CEO of IHC, expected the momentum to continue.

“Our nine-month results highlight the resilience and the precision of our strategic execution across key sectors. We’ve seen robust activity throughout our diversified portfolio, driving consistent, value-enhancing growth,” said Shueb.

“With strong momentum heading into the fourth quarter, we are positioned to capitalise on further opportunities while remaining focused on operational excellence and long-term value creation. I am confident that this trajectory will continue to reinforce IHC’s commitment to delivering enhanced shareholder value.”

During the reporting period, IHC and its subsidiary Sirius International Holding launched Rorix Holdings, a finance and trade facilitation company focused on trade finance, advisory, commodities, and insurance, expanding the company’s presence in global financial services.

NMDC Energy, Abu Dhabi’s largest EPC Contractor, successfully debuted on the ADX with an IPO that was oversubscribed 31.3 times, while Al Ain Farms acquired Saha Arabian Farms in Saudi Arabia, strengthening Ghitha’s footprint in the poultry and livestock production sectors and enhancing IHC’s presence in regional agribusiness.

Founded in 1998  as part of an initiative to diversify and develop non-oil business sectors in the UAE, IHC has more than 1,000 subsidiaries. It’s holdings include a growing number of sectors, including Asset management, Healthcare, Real Estate and Construction, Marine and Dredging, IT and Communications, Financial Services, Food Production and Service, Utilities, and Services.