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Abu Dhabi investment group IHC posts $618m revenue in Q1


Abu Dhabi investment group IHC posts $618m revenue in Q1
ABU DHABI, 9 hours, 19 minutes
ago
Abu Dhabi-based International Holding Company (IHC) has reported a net profit of AED1.5 billion ($408 million) for the first quarter compared to AED113 million ($30.7 million) last year, mainly driven by growth in the industrials and capital verticals.
 
A strategic investment company, IHC seeks to expand and diversify its holdings across a growing number of sectors, including real estate, agriculture, healthcare, food and beverage, utilities, industries, IT and communications, retail and leisure, and capital.
 
Announcing its financial results for the first three months ended March 31, IHC said its revenues surged to hit AED2.276 billion from last year s figures of AED1.563 billion. ....

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IHC's Q1 profit up more than 1,000% on acquisitions


IHC s industrials vertical owns stakes in a number of businesses, including Quantlase Imaging Lab, the company behind the rapid Covid-19 screening system operated on the border between Abu Dhabi and Dubai at Ghantoot. It also owns Tamouh Healthcare, Pure Health and asset management company Eltizam Group.
The capital unit contains its International Securities arm, a securities brokerage acquired from Dubai-listed investment bank Shuaa in 2019.
IHC s acquisition spree over the past 12 months has led to substantial growth in the size of the company s balance sheet and its value. At the end of March, it had total assets of Dh19.67bn, compared to Dh8.9bn at the same period last year. ....

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