Abu Dhabi Based Conglomerate IHC Reports Net Profit Of AED 32.95 Bn In 2023

Abu Dhabi-based International Holding Company (IHC) announced a financial report for 2023, revealing that it earned a net profit of AED32.95 billion.

IHC Chairman Sheikh Tahnoun bin Zayed Al Nahyan emphasized that it is the company shareholders' trust that helped value creation while staying committed to sustainability, as the UAE showcased during the COP28 event last year.

The chairman explained that Artificial Intelligence (AI) is enhancing the operations, which are supported by the strong support of our Board and shareholders.

IHC's financial performance showed massive expansion last year as the revenue increased from AED 50.9 billion in 2022 TO AED 60.1 billion in 2023, marking an increase of 17.9%. The net profit reported by the company is AED 32.95 billion.

"IHC has navigated a year of transformative growth, strengthened by forging key global partnerships and a versatile portfolio that has enabled us to adapt to economic fluctuations," the IHC chairman said, according to WAM.

"Our efforts to deepen international connections underscore our mission to support the UAE's ascent as a premier financial and innovation leader," he added.

Talking about the key accomplishments the company made last year, IHC finalized acquisitions of Ce La Vi, Nammos Group and Em Sherif, diversifying into luxury F&B and hospitality sectors.

Aside from this, the company formed Sirius International Holding to leverage disruptive technologies for sustainability and digital transformation to fight climate change. Furthermore, several sustainability initiatives were positioned at the forefront of the Group's commitments.

During the COP28 event, IHC launched the Proseed Sustainability Hub, contributing to the UAE's sustainability agenda. The company also acquired 49% of shares in Modon Properties.

IHC's Chief Executive Officer Syed Basar Shueb noted that the company's profits in 2022 "laid the groundwork for a stronger performance in 2023, enhancing our financial position and expanding our influence in key sectors critical to Abu Dhabi's economic future."

"Our significant achievements this year have been fueled by the unwavering dedication of our expansive workforce, with their well-being integral to our corporate ethos and ongoing prosperity. This year's dynamic progress positions us to drive future growth and diversify our investment strategy across new markets," he added.

IHC can be seen maintaining healthy growth in various sectors.

Earlier this month, Ghitha Holding CEO Falal Ameen, whose company boasts 55 subsidiaries, 3 associates, and 1 joint venture under the umbrella of IHC participated in the Gulfood event, which was held from Feb. 19 to Feb. 23.