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Friday, February 11, 2022

Gulf News - Abu Dhabi's IHC rocks with Dh28.38b revenue for 2021, while net profit crosses Dh11b

Gulf News - Abu Dhabi's IHC rocks with Dh28.38b...

Vijay Valecha, Special to The National February 11, 2022

Dubai: One of the UAE’s biggest listed companies, IHC generated a 303 per cent increase in revenues to Dh28.38 billion for 2021, while net income weighed in with Dh11.30 billion from a staggering 275 per cent year-on-year increase. The results should be enough for IHC – which stands for International Holding Co. – shares to go in for another sharp upturn.

IHC has in these two years grown through a series of acquisitions or stake buys, with group entities such as Alpha Dhabi among the stellar performers. It’s on the asset side that IHC has done exceptionally well, integrating all the purchases it made during the year. Assets ended 2021 at Dh87.98 billion – all the way from Dh14.01 billion a year ago.

The stock was up 2.13 per cent to Dh167.50 to close the week. “The Group witnessed significant increase in revenues, profits and assets, which is mainly driven from the strategic acquisitions in addition to the improvement in line with management’s strategic vision for the Group,” IHC said in a statement.

"Most valued'

The IHC stock rallied by 253 per cent in 2021 alone on account of the acquisition spree, which have ranged from acquiring Alpha Dhabi's holdings, the Multiple Group, Al Seer Marine, and others. "All the subsequent IPOs have been a success on the first day of trading itself owing to IHC’s strong brand value," said Vijay Valecha, Chief Investment Officer at Century Financial. "IHC is not any other company. The company is poised for more attractive growth as it has a number of IPOs in the pipeline. This would enhance the shareholder value going forward."

Source:
Gulf News