International Holding Company (IHC) generated net profits after tax worth AED 18 billion in the first nine months (9M) of 2024, up 18.30% year-on-year (YoY) from AED 15.22 billion.

Revenues amounted to AED 63.95 billion in 9M-24, up 49.40% from AED 42.82 billion in 9M-23, according to the financial statements.

The earnings per share (EPS) retreated to AED 4.89 in 9M-24 from AED 5.16 a year earlier.

Total assets hiked by 44.90% to AED 382.90 billion as of 30 September 2024 since December 2023, backed by strategic investments and strong asset growth.

Additionally, IHC's cash and bank balance grew by 43.90% to AED 48.80 billion, reinforcing the company's ability to seize further growth opportunities.

Income Results for Q3

During the third quarter (Q3) of 2024, IHC achieved AED 5.68 billion in net profit, marking an annual rise from AED 4.82 billion.

The total revenues widened to AED 22.21 billion in Q3-24 from AED 14.15 billion in Q3-23, while the EPS plummeted to AED 1.67 from AED 1.89.

Syed Basar Shueb, CEO of IHC, commented: “We have seen robust activity throughout our diversified portfolio, driving consistent, value-enhancing growth. With strong momentum heading into the fourth quarter, we are positioned to capitalise on further opportunities while remaining focused on operational excellence and long-term value creation.”

“As IHC approaches year-end, it remains committed to advancing its global expansion plans and delivering high-value growth to shareholders, while capitalizing on its strong asset base and cash reserves,” Shueb added.

As of 30 June 2024, IHC posted 18% YoY higher net profits at AED 12.31 billion, versus AED 10.39 billion.

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