Abu Dhabi’s IHC reports three-fold jump in 2021 profit on acquisitions

The company reports $3bn in profit as revenue rises four-fold

Abu Dhabi listed International Holding Company's total assets surged six-fold to Dh88 billion at the end of 2021. Ravindranath K / The National

Abu Dhabi’s International Holding Company has reported a more than three-fold jump in its 2021 profit, as revenue surged on the back of new acquisitions.

Net profit for the full year climbed to Dh11.3 billion ($3.07bn), the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded. Revenue during the period rose four-fold to Dh28.3bn.

“The group witnessed a significant increase in revenues, profits and assets, which is mainly driven by the strategic acquisitions in addition to the improvements in the current business financial performance,” IHC said on Friday.

Total assets of the group surged six-fold to Dh88bn at the end of 2021, while total liabilities rose to Dh33bn, according to the statement.

Listed on the ADX since 2005, IHC, which is majority-owned by Abu Dhabi's PAL group of companies, has expanded its operations to include real estate, health care, food and agriculture sectors.

The company made a number of new investments last year, including a controlling stake in Abu Dhabi-based investment company Al Qudra Holding and a 60 per cent stake in Afkar Financial and Property Investments.

It also holds a 48 per cent share in Emirates Driving Company and a 60 per cent interest in Royal Horizon Holding and its subsidiaries.

In September, the company’s asset management subsidiary also bought Dubai’s Inspire Integrated for Dh37m to expand its property, infrastructure and facilities management service portfolio.

IHC became Abu Dhabi's most valuable listed company on June 27, when its shares surged about 15 per cent following the listing of its subsidiary Alpha Dhabi.

IHC's shares closed 2.13 per cent higher on Friday to Dh167.50, giving it a market value of about Dh305bn.