Continued momentum in direct and indirect acquisitions were the main drivers behind the growth rate over the previous year's quarter, with IHC's total assets increasing to Dhs198.8bn
International Holding Company (IHC), one of the largest corporate investment holding firms in the Middle East and Africa, reported 236% surge in profit for the 9-month period to AED24 billion ($6.53 billion), compared to the same period last year.
ABU DHABI, 8th November,2022 (WAM) International Holding Company (ADX: IHC), one of the largest corporate investment holding firms in the Middle East and Africa, headquartered in Abu Dhabi, announced today its financial results for the third quarter ended September 30, 2022, with the profit surging236% for the 9-month period compared to the same period last year, surpassing its full year original profit forecast (AED 17bn). Continued momentum in strategic direct and indirect acquisitions, locally and internationally, were the main drivers behind the growth rate.
The Mena region recorded 359 merger & acquisition (M&A) deals worth $42.6 billion during the first six months of 2022, according to the Mena M&A Insights report released by professional services firm EY.