IHC achieves record growth, revenues soar 54.2% to $25bln
UAE - 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.
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
4 hours ago
- Khaleej Times
UAE will attract more millionaires as Emirates remains safest country despite regional war
The UAE will continue to attract high net-worth individuals despite the regional Israel-Iran war as the Emirates is still the safest country to park money, according to international migration consultants and wealth managers. 'I have seen how UAE becomes always a stronger magnet in a time of crisis in the region and geopolitically around the world because of the infrastructure, the safety nets, the rule of law, the quality of life and low tax. I think that in case of any regional problems, the UAE will benefit as the best and safest hub,' said Armand Arton, CEO of leading immigration investment firm Arton Capital. In an interview with Khaleej Times, he stated that he expected the UAE to continue attracting even more millionaires than it had in the last five years. 'The Russia-Ukraine war was the last big wave of wealth that came in. After that, the taxation in the UK and the politics of Europe created a second wave of Europeans. We had the third wave of Americans after US President Donald Trump was elected, as a lot of Democrats and others moved to UAE. We see that very high profile of people coming in and asking for the Golden Visa,' he added. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Abu Dhabi and Dubai have consistently been rated among the safest cities in the world. The UAE has been a magnet for millionaires from around the world in the post-pandemic period. On Wednesday, the UBS Global Wealth Report 2025 stated that the UAE attracted approximately 13,000 new millionaires in 2024, representing a 5.8 per cent increase, and bringing the total number of high-net-worth individuals in the country to 240,343. The millionaires in the UAE command approximately $785 billion (2.88 trillion) in wealth. In April, property consultancy Knight Frank reported, citing data from Henley & Partners, that the UAE attracted 7,200 millionaires in 2022, a 53 per cent increase over the previous year, bringing the total number of high-net-worth individuals (HNWIs) in the country to 130,500. 'War always comes with a very high human cost, but a localised conflict like the current situation is likely to have a very limited macroeconomic effect. Unless there is a major escalation, we would not see this as significantly changing global macro trends, including migration,' said Paul Donovan, chief economist at UBS Global Wealth Management. Armand Arton said that the Iran-Israel war 'will create a new wave of people from the neighbouring country that will come to UAE who are still considering that this the safest place to park their money and family.' Arton Capital has placed the UAE passport as the strongest in the world, placing it in the first position in its 205 index. Armand added that the UAE's passport ranking has increased from 35 to number 1, and no other country in the world has achieved such rapid growth. 'This is because of having the leadership decision and the execution to sign as many visa-free as necessary in order to open the world to the Emirati citizens,' he added.
Al Etihad
4 hours ago
- Al Etihad
Khalifa University climbs 25 places to rank 177th globally in QS World University Rankings 2026
22 June 2025 13:12 ABU DHABI (ALETIHAD)Khalifa University of Science and Technology has climbed 25 places to be ranked 177th globally in the QS World University Rankings 2026, securing a spot among the world's top 200 eight consecutive years, Khalifa University has remained the top institution in the UAE, reinforcing its status as a national leader in higher education and the 2026 edition, the university leads across several key indicators including 11th in the world for International Faculty, top in UAE for International Students, Citations per Faculty, and Faculty Student Ratio and 37th globally for Academic Reputation, affirming its leadership in attracting global talent and producing high-impact scientific new QS rankings evaluated more than 8,467 universities from across 106 countries, with Khalifa University leading all 12 universities from the UAE, with a Graduate Employment Rate of an impressive 94 per Ebrahim Al Hajri, President, Khalifa University, said: 'As global academic and research landscape evolve, our consistent climb to reach the top 200 in the 2026 QS World University Rankings reinforces Khalifa University's status as a driving force in science and technology, particularly among researchers and students seeking world-class opportunities closer to home. "The 177th rank remains a testament to our faculty and students whose work continues to make a positive impact, while highlighting our global growing presence. Through our diverse academic community and our expanding international and regional industry collaborations, we are consistently contributing to meeting UAE's ambitions in knowledge economy leadership.' Source: Aletihad - Abu Dhabi
The National
5 hours ago
- The National
Dubai Basketball to join EuroLeague as 'dream becomes a reality'
Dubai Basketball will join the EuroLeague on a five-year contract from September 2025, just a year after being founded. The competition, regarded as one of the toughest basketball leagues in the world, announced its expansion from 18 to 20 teams in late May. Dubai Basketball has now been confirmed as one of the two new teams to secure a slot to play in the 2025/26 EuroLeague season. In a stellar debut campaign in the ABA League – where the team reached the play-off semi-finals before being halted by Partizan – Dubai Basketball showed the huge potential for the sport in the emirate. Not only did they excel on the court, they made the Coca-Cola Arena their home, attracting crowds in excess of 5,000 fans. 'I would like to extend my deepest gratitude to the leadership of Dubai and the Dubai Sports Council for their unwavering support,' Abdulla Saeed Juma Al Naboodah, chairman and Founder of Dubai Basketball, said. 'Their vision and commitment have been instrumental in making the success of Dubai Basketball possible.' The team, under the stewardship of head coach Jurica Golemac, will now take a huge step forward in a competition boasting the elite of European basketball. The move also deepens the UAE's ties with the EuroLeague, with the 2025 finals having been staged at Etihad Arena in Abu Dhabi in May. Istanbul giants Fenerbahce were crowned champions in front of a sold out arena on Yas Island. As well as Fenerbahce, Dubai Basketball will face the likes of Real Madrid, FC Barcelona, Panathinaikos and Olympiacos as the club brings top-tier European basketball to Coca-Cola Arena from September 2025 to June 2026. Co-Chief Executive Officer Dejan Kamenjasevic said this latest step follows years of hard work to get the project off the ground. 'Dubai Basketball is not an instant project – it has taken us years to reach the point we are in today,' he said. 'But it brings me great pride to say that this team is an instant success [on the court]. Credit goes to our coaches, players and all Dubai Basketball employees who worked hard to convert this dream to a reality. 'Now, with EuroLeague ahead, we have even more to show. We're building something this city has never seen before, and we're excited to make history while growing the Dubai Basketball family.' In just their first season, Dubai Basketball attracted a total of nearly 80,000 fans to Coca-Cola Arena, paving the way for a new era for the sport in the emirate. That fan base is expected to grow next season, with the team's home arena boasting a capacity of 15,000 in its basketball format. Fans can register to attend 2025/26 season games through the Coca-Cola Arena website, with full season passes available in July.
