RIYADH: Abu Dhabi’s International Holding Co. saw its profit more than double in the first quarter on the back of new acquisitions and solid performance by its subsidiaries..
Net profit for the first quarter climbed to 3.55 billion dirham ($966 million) compared to 1.5 billion dirham in the same period last year, WAM reported.
Besides a boost in profits, the company’s revenue during the period increased by over fourfold to 10.5 billion dirham.
This growth was due to IHC expanding its portfolio to 323 subsidiaries, an increase of 196 percent over the first quarter.
“The performance of this first quarter reflects the resilience of our multi-business portfolio, in spite of continued volatility in the global marketplace,” Syed Basar Shueb, CEO and managing director of IHC, said.
IHC is a publicly-listed holding company comprising of 100+ entities, with international operating segments and acquisitions in 9 primary business segments: Real estate, agriculture, healthcare, food and beverage and distribution, utilities, industries, IT and communications, retail and leisure, and capital.
