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Abu Dhabi investment giant International Holding Company (IHC) saw its Q2 profit decline 29.8% to 4.3 billion UAE dirhams ($1.17 billion) compared to Q2 2023. The diversified conglomerate expects sustained growth in the second half of the year.
The decline has been attributed to an increase in general and administrative expenses and a finance cost that almost doubled from the AED 557 million in June 2023 to AED 1.03 billion in Q2 2024 for the period ending June 30.
Revenues for the second quarter jumped to AED 22.46 billion, up from AED 12.9 billon in Q2 2023, representing a 73.7% increase.
While IHC’s H1 net profit jumped 18% to AED 12.3 billion year-on-year, its H1 revenues reached AED 41.7 billion, representing a 46% year-on-year increase, which the company said was mainly driven by sustained growth in real estate and construction, marine and dredging, hospitality and leisure, and technology segments.
Syed Basar Shueb, CEO of IHC, said: “We are well-positioned for sustained growth and agility throughout the remainder of 2024 and beyond.”
The conglomerate marked significant developments in H1with notable acquisitions in key sectors such as energy and mining. IHC acquired an equity stake of 14.83% in Grupo Nutresa and a 51% equity interest in Mopani Copper Mines in Zambia, one of the biggest mines and exporters of copper and cobalt in the world.
Total asset position reached AED 362.9 billion, marking a 37% increase compared to December 2023.
(Writing by Bindu Rai, editing by Seban Scaria)
