Abu Dhabi’s International Holding Company more than doubled its net profit in the first quarter of 2022 as revenue surged on the back of new acquisitions and strong performance of its subsidiaries.
Net profit for the three-month period to the end of March climbed to Dh3.55 billion ($966 million), the company said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue during the period rose more than fourfold to Dh10.5bn.
IHC expanded its portfolio to 323 subsidiaries by the end of March, an increase of 196 per cent compared with 109 per cent in the first quarter of 2021.
The company's shares closed 2.56 per cent higher on Wednesday at Dh244.10, giving it a market value of about Dh444.6bn.
“The performance of this first quarter reflects the resilience of our multi-business portfolio, in spite of continued volatility in the global marketplace," said Syed Basar Shueb, chief executive and managing director of IHC.
"No one's immune, but we have fortified our business and built it in such a way that we ensure it keeps growing throughout unprecedented economic times and we remain squarely focused on accelerating growth by strengthening our core business and expanding our presence in high-growth channels.”
ADX-listed IHC is majority-owned by Abu Dhabi's PAL group of companies. The conglomerate, which now comprises more than 30 entities and 22,345 employees, seeks to expand and diversify its holdings across a growing number of sectors, including real estate, agriculture, health care, food and beverage, utilities, retail and leisure, among others.
It is also included in the FTSE ADX 15 Index, which represents the top 15 largest and most liquid companies on the ADX.
IHC made a number of new investments last year, including acquiring a controlling stake in Abu Dhabi-based investment company Al Qudra Holding and a 60 per cent stake in Afkar Financial and Property Investments.
In April, the company said it was investing Dh7.3bn in the Indian business conglomerate Adani Group, which is led by billionaire industrialist Gautam Adani.
As part of the deal, IHC will invest in three green-focused companies of the Adani Group ― Adani Green Energy, Adani Transmission and Adani Enterprises.
IHC's eight listed companies, which include Alpha Dhabi, Multiply Group, Ghitha Holding and Q Holding, among others, "show consistently strong returns for shareholders", the statement said.
This has resulted in a 20 per cent gain of earnings per IHC share to 0.88 fils in the first quarter compared with 0.73 fils in the first quarter of 2021, it said.
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Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
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Palestine and Israel - live updates
More from Rashmee Roshan Lall
RESULTS
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
The specs: 2018 Nissan Altima
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Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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- DLD registration fee can be paid through banks or credit cards at zero interest rates
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
