IHC achieves record growth, revenues soar 54.2% to $25bn

25/02/2025 05:38 AST

IHC, an Abu Dhabi-based global investment company focused on building dynamic value networks, has reported a revenue of AED92.7 billion ($25.24 billion) for 2024, a significant 54.2% increase compared to AED60.1 billion in 2023.

Net profit after tax stood at AED25.7 billion ($7 billion), reflecting an anticipated adjustment as resources were channeled toward high-impact initiatives and subsidiary scaling, the company said.

Operational profit also grew 49.1% from last year, highlighting IHC's exceptional financial performance.

This financial growth was fueled by strong performances in Real Estate & Construction, Marine & Dredging, and Hospitality & Leisure, supported by strategic acquisitions, project expansions, and operational efficiencies. Financial Services and Technology also contributed, leveraging market trends and digital advancements. IHC maintained a disciplined approach, divesting from non-core assets and reinvesting in high-potential sectors to strengthen financial resilience, the group said.

IHC's total assets reached AED401.8 billion, a 52% increase from December 2023, with notable results across core business verticals, strategic portfolio expansion, and disciplined asset management.

Earnings per share (EPS) was recalibrated to AED7.2, aligning with the strategy to focus on ongoing value-accretive investments in 2024, which are expected to drive enhanced shareholder returns in the future. Total equity also climbed by 55.9% to AED244.4 billion, strengthening IHC's financial foundation and enhancing its global investment footprint, it said.

Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of IHC, commented: "IHC's strong performance in 2024 underscores our commitment to active portfolio management, leveraging AI-driven efficiencies, and reinvesting in high-growth industries. By strategically divesting from mature assets and replenishing our portfolio with innovative investments, we continue to reinforce our position as a global investment powerhouse, building dynamic value networks that transcend traditional sector boundaries to unlock greater opportunities."

Syed Basar Shueb, CEO of IHC, added: "2024 has been a transformational year for IHC, reflecting our relentless pursuit of excellence and strategic vision. Last year, we focused on enhancing our portfolio by prioritising high-value investments that generate strong cash flows and reinforce our financial resilience. Our ability to drive substantial growth across all verticals, backed by disciplined financial management and a forward-thinking approach, has cemented our position as a global leader. As we enter 2025, we remain focused on expanding our footprint, leveraging our strong balance sheet, and investing in high-yield businesses that align with our long-term growth strategy."

Looking ahead, IHC remains committed to leveraging its financial strength to drive further expansion, innovate across its verticals, and explore new investment frontiers globally. The company continues to position itself as a leader in economic diversification and long-term value creation for its shareholders, the company said.

As part of this vision, IHC participated for the first time in the World Economic Forum in Davos in 2025, leading a delegation of its key subsidiaries to engage with global leaders. This platform allowed the company to spearhead conversations on transformative solutions, forge strategic partnerships, and reinforce its commitment to sustainable economic growth and investment innovation.

IHC Group Highlights in 2024:
 NMDC Energy's IPO Success: NMDC Energy, Abu Dhabi's leading EPC contractor, successfully debuted on the ADX, achieving an oversubscription of 31.3 times.
 MENA's largest Share Buyback Program: IHC launched its AED5 billion Share Buyback Program, beginning with an initial tranche of AED1.8 billion, representing 36% of the total programme.
 Successful integration of Aiden Insight: IHC pioneered corporate governance by integrating Aiden Insight, an AI-powered virtual entity, as a Board Observer.
 Mopani Copper Mines Acquisition: International Resources Holding acquired a 51% stake in Mopani Copper Mines, one of the largest copper and cobalt producers in Zambia.
 Modon Holding's Real Estate Expansion: The combination of Modon Properties, ADNEC, La Zagaleta, MIZA Investments, and other assets created one of the UAE's largest real estate entities.
 Enersol's strategic acquisition: Enersol, a joint venture between Alpha Dhabi Holding, a subsidiary of IHC, and ADNOC Drilling, has agreed to acquire an additional 42.2% equity stake in Gordon Technologies, becoming the majority equity shareholder.
 Grupo Nutresa Investment: IHC acquired a 14.83% stake in Grupo Nutresa, strengthening its presence in the Latin American food-processing industry.
 Launch of 2PointZero: IHC launched 2PointZero, a transformative investment platform focused on emerging technologies and future-sustaining businesses. It brings together leading subsidiaries, including Chimera Investments, Lunate Capital, Beltone, Sagasse and International Resources Holding.
 Multiply Group's Strategic Development: Multiply Group acquired Backlite Media, reinforcing IHC's position in digital out-of-home advertising.
 Easylease's Move into the Logistics Sector: EasyLease acquired a 51% stake in Gallega Global Logistics, securing 3.5 million sq. ft. of mobility and logistics infrastructure in the UAE
 Sawaeed's acquisition: Emirates Stallions Group (ESG) acquired Sawaeed Holding, establishing it as its flagship platform for manpower and accommodation services.

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