International Holding Company, one of the UAE's most valuable listed companies, reported a slight increase in its 2023 net profit as strategic acquisitions and strong performance across business units drove revenue.
Net profit for the 12-month period to the end of December climbed to Dh32.7 billion ($8.9 billion) from Dh32.5 billion recorded in 2022, the company said in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue at the end of December climbed nearly 18 per cent on an annual basis to Dh60.1 billion.
The rise in revenue is a “direct result of targeted acquisitions along with the solid performance of IHC's portfolio companies, demonstrative of the effective implementation of the strategic road map”, the company said in a statement.
IHC’s earnings per share rose 81.5 per cent year-on-year to Dh12.36 last year, underpinning increased profitability and investor returns.
Assets at the end of last year climbed to more than Dh264 billion, up almost 16 per cent from Dh228 billion reported in 2022.
IHC and it's portfolio companies, like their peers in the GCC and the broader Mena region, are making strategic acquisitions to expand into new sectors and broaden their revenue base to better compete in the new economy sectors.
Founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE, IHC has grown to become the most valuable listed holding company in the Middle East, with a market cap of Dh876.53 billion.
The company has more than 500 subsidiaries and investments in sectors including clean energy, food and agriculture, health care, property, utilities, information technology and artificial intelligence across Mena markets and several countries in Asia, Africa, Europe and the Americas.
The conglomerate, whose subsidiaries include Alpha Dhabi Holding, Q Holding, International Securities, Al Seer Marine and Multiply Group, has made several strategic investments in recent quarters to further expand its asset base.
On Monday, IHC subsidiary Ghitha Holding said it has expanded into the logistics sector after the Abu Dhabi-based company's unit Ghitha Aeroinvest took a 44 per cent stake in Turkey's commercial cargo company MNG Havayollari ve Tasimacilik (MNG Airlines).
The $211.2 million share purchase agreement marks a "significant stride towards diversifying Ghitha Holding’s portfolio", the company said in a separate bourse filing.
“The integration of MNG Airlines into our portfolio represents a significant leap in our journey towards becoming a regional powerhouse in the food trading sector," Falal Ameen, group chief executive of Ghitha, said.
Earlier this month, IHC also announced the formation of a new holding company, 2PointZero, which will have more than Dh100 billion in assets.
The new “next generation” holding company “is committed to having a transformative impact globally”, Sheikh Tahnoun bin Zayed, National Security Adviser, Deputy Ruler of Abu Dhabi and IHC chairman, said at the time.
In October, IHC it increased its shareholding in Indian conglomerate Adani Enterprises under its strategy to “explore unique investment opportunities in India”.
And in August, it acquired a 49 per cent stake in Abu Dhabi-based developer Modon Properties. In June, it signed a framework agreement for a share swap with Colombian businesses as the Abu Dhabi conglomerate seeks to expand its assets in South America.
The national orchestra
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
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Power: 659hp
Torque: 1075Nm
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Towering concerns
Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
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Selected fixtures
All times UAE
Wednesday
Poland v Portugal 10.45pm
Russia v Sweden 10.45pm
Friday
Belgium v Switzerland 10.45pm
Croatia v England 10.45pm
Saturday
Netherlands v Germany 10.45pm
Rep of Ireland v Denmark 10.45pm
Sunday
Poland v Italy 10.45pm
Monday
Spain v England 10.45pm
Tuesday
France v Germany 10.45pm
Rep of Ireland v Wales 10.45pm
Ferrari
HAJJAN
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
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