ABU DHABI, International Holding Company (IHC) has reported AED1.5 billion net profit in the first quarter of 2021 fuelled by major contributions from its industrials and capital verticals.
The company posted its results for Q1 2021 with revenues standing at AED2.276 billion, up from Dh1.563 billion in Q1 2020. The significant improvement in net profit in absolute and percentage terms was mainly due to improved business performance and profits attributable to acquisitions and investments completed in the second half of 2020.
IHC’s total assets stood at AED19.7 billion as at March 31, 2021, compared to AED14 billion as at December 31, 2020.
Syed Basar Shueb, IHC’s Chief Executive Officer and MD, said: “Our first quarter financials were principally driven by our Industrials and Capital verticals, which provided the main thrust of our revenues. We recorded Dh2.3 billion in revenue, and importantly these results highlight our ability to grow our operations despite the economic challenges and to acquire the right businesses that add genuine value and bring synergies to our conglomerate.”
Source: Emirates News Agency