Abu Dhabi – Mubasher: International Holding Company (IHC) recorded 87.60% higher net profits after tax at AED 8.01 billion in the first quarter (Q1) of 2024, compared to AED 4.27 billion in Q1-23.
IHC generated revenues amounting to AED 19.28 billion in Q1-24, marking an annual leap of 22.50% from AED 15.74 billion, according to the interim consolidated financial results.
During the first three months (3M) of 2024, the earnings per share (EPS) increased to AED 2.17 from AED 1.19 a year earlier.
The company's total assets enlarged to AED 338.44 billion as of 31 March 2024 from AED 264.27 billion at the end of December 2023.
Syed Basar Shueb, CEO of IHC, said: "This quarter's record revenues underscore our ongoing resilience and strategic focus on growth through selective acquisitions that enhance operational synergies and solidify our standing as a global industry leader."
Last January, the group took a step forward in achieving its long-term growth and sustainability plans with the launch of the next-generation holding company 2PointZero.
"With the introduction of a new flagship entity, we are optimistic about the future as we continue to diversify our portfolio and penetrate new markets and regions, aiming to maximize our impact,” Shueb added.
He underlined: “Our dedication to sustainability and staying at the forefront of innovation and technology positions us well to navigate the challenges of a dynamic and evolving economic landscape."
Share Buyback Programme
The board members approved a share buyback programme totalling up to AED 5 billion, which is slated for execution over a one-year timeframe.
In the 12-month period that ended on 31 December 2023, IHC generated AED 32.74 billion in net profit, compared to AED 32.57 billion in 2022.
