IHC achieves record growth, revenues soar 54.2% to $25bn
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. - TradeArabia News Service
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Tribune
20 hours ago
- Daily Tribune
US steps up sanctions as Mideast attacks flare
AFP | Washington The United States issued new Iran-related sanctions yesterday, taking aim at the procurement of machinery for the country's defense industry at a time when war is flaring in the Middle East. The US Treasury Department said it was targeting an individual and eight entities over their roles in the sourcing and transshipment of 'sensitive machinery for Iran's defence industry.' 'The United States remains resolved to disrupt any effort by Iran to procure the sensitive, dual-use technology, components, and machinery that underpin the regime's ballistic missile, unmanned aerial vehicle, and asymmetric weapons programs,' said Treasury Secretary Scott Bessent in a statement. He added that Treasury would continue to target Iran's ability to make and proliferate such weapons, 'which threaten regional stability and global security.' The action comes as conflict is heating up in the Middle East. Iran has been firing daily missile salvos at Israel for the past week, since a wide-ranging Israeli attack on the Islamic Republic's nuclear installations and military bases triggered war. The Treasury's latest targets included Iranian firm Towse Sanaye Nim Resanaye Tarashe and Hong Kong-based Unico Shipping Co, whose vessel was carrying machinery for a designated company. In a separate statement, the Treasury Department said it imposed sanctions directed at Yemen's Iran-backed Huthi rebels as well -- on four individuals, 12 entities and two vessels that imported oil and other illicit goods in support of the group. 'The Houthis rely on a series of front companies and trusted facilitators to clandestinely generate revenue, procure weapons components, and advance their reign of terror in partnership with the Iranian regime,' said US Deputy Treasury Secretary Michael Faulkender. He said the latest move was the department's 'most significant to date against the group.' In a separate statement, State Department spokesperson Tammy Bruce added that Washington seeks to deprive the Huthis of 'resources they need to carry out their reckless and destabilizing actions.'
Gulf Insider
a day ago
- Gulf Insider
Shell CEO: Contingency Plans Ready If Strait Of Hormuz Closure Triggers Energy Shock
Shell Plc is preparing contingency plans in case the conflict between Israel and Iran broadens and disrupts oil and gas flows through the critical maritime chokepoint of the Strait of Hormuz. On Thursday, CEO Wael Sawan told Bloomberg's Shery Ahn at the Japan Energy Summit & Exhibition in Tokyo, 'If that artery is blocked, for whatever reason, it has a huge impact on global trade,' adding, 'We have plans in the eventuality that things deteriorate.' Although energy flows through the critical waterway—responsible for approximately 20% of global oil trade—remain uninterrupted (at the moment), traders have been on high alert all this week amid widespread GPS jamming in the region, which has degraded navigational awareness and may have contributed to what is shaping up to be a major ecological disaster. On Wednesday, former Iranian Economy Minister Ehsan Khandouzi stated on X and warned… 'Starting tomorrow, for 100 days, no oil tankers or LNG cargoes will be able to pass through the strait without Iran's approval,' Khandouzi said. He stated, 'This policy is decisive if it is implemented in a timely manner. Any delay in its implementation means enduring more war inside the country. Trump's battle must be ended with a combination of economy and security.' Such messaging, especially when paired with the Islamic Revolutionary Guard Corps (IRGC) naval activity in the region, raises the increasing probability of IRGC actions targeting commercial shipping lanes in the strait. This escalation could serve as the catalyst that turns JPMorgan's $120–$130 per barrel Brent crude forecast from a scenario into a market reality. Back to Shell's CEO—he told Bloomberg's Shery Ahn, 'What is particularly challenging right now is some of the jamming that's happening,' adding that 'Shell is being very careful' along major maritime routes in the region. The most imminent threat of a Strait of Hormuz blockade could come as soon as this weekend. Bloomberg reported overnight: Senior US officials are preparing for the possibility of a strike on Iran in coming days , according to people familiar with the matter, as Israel and the Islamic Republic continue to exchange fire. Some of them pointed to potential plans for a weekend strike . Top leaders at a handful of federal agencies have begun getting ready for an attack, one person said. Commenting on the dire situation, Manish Bhargava, CEO of Singapore-based Straits Investment, warned, 'Direct US involvement in an attack on Iran would almost certainly trigger a major spike in oil prices.' He said, 'This surge would aggravate global inflation, making central bank efforts — like the Fed's — to control it more difficult and potentially delaying interest rate cuts.'
Biz Bahrain
2 days ago
- Biz Bahrain
Avli by tashas Opens in Bahrain, Bringing True Athenian Hospitality to Manama
Avli by tashas, developed by renowned restaurateur Natasha Sideris officially opens its doors in Bahrain on June 20. The restaurant is part of the portfolio of Harve, an initiative of Bahrain-based Infracorp. Following the success of its multi-award-winning flagship in Dubai, recognised by the Michelin Guide, Avli Bahrain brings the spirit of the Mediterranean to the heart of Bahrain. This distinctive experience has been brought to Bahrain by Harve, which specializes in refined hospitality and immersive cultural experiences. Harve aims to redefine the regional lifestyle scene by introducing innovative concepts that blend art, cuisine, and design. An intimate evolution of the Avli experience, the Bahrain space offers a lounge-style layout, inviting both convivial gatherings and quiet moments of connection. Guests are welcomed into an atmosphere of soulful elegance, featuring a large collection of antiques, meticulously curated by Tashas Group visual stylist Nicky Greig and founder Natasha Sideris, contributing to a space that feels richly layered and storied. The design journey is further enriched by collaborations with celebrated international artists. At the entrance, hand-drawn murals by artist Alexandra Ross, inspired by ancient Greek frescos, lend the space a timeless sensibility. Suspended above the main dining area is a poetic fabric installation by Elonah O'Neil Reid, reminiscent of laundry lines in a sunlit courtyard – a tribute to the name Avli, meaning 'courtyard' in Greek. Ceramic artist from Athens, Keti Anastasaki, contributes a striking three-dimensional artwork to the restaurant's exterior, while intricate mosaic designs by artist Marina Ehlers bring added texture and visual richness to the space. 'We're thrilled to become part of Bahrain's vibrant dining landscape,' said Tashas Group CEO and Founder, Natasha Sideris. 'There's such appreciation here for quality and genuine hospitality, which perfectly aligns with our philosophy that every guest should feel like family from the moment they step through our doors.' 'Avli embodies the kind of experience we're passionate about creating—spaces where guests feel immediately at ease, where the design and food invite connection,' commented Abdulaziz Tawfeeqi, the Senior Director of Project Development at Infracorp. 'It's a perfect reflection of the hospitality culture we value deeply in Bahrain.' At the heart of the experience is the à la carte menu crafted by Head Chef Vlassia Anagnostou. Drawing from the rich heritage of Greek cuisine, the menu features a refined mix of signature favourites and dishes that speak to the soul of Mediterranean cooking. Head Chef Vlassia commented, 'I want our guests in Bahrain to experience the soul of Greece – in a way that feels relevant today. Our menu honours timeless flavours, reimagined with contemporary presentation to spark conversation and bring people together.' Experience the soul of rich, Athenian culture at Avli Bahrain, where every meal is an occasion and every guest becomes family. To make your reservation, call +973 77 222111 or email [email protected].
