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 Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
A Long Way Home by Peter Carey
Faber & Faber
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
if you go
The flights
Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.
The car
Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals (more at www.hertz.com/etihad). A week's car hire costs from Dh1,500 including taxes.
The hotels
Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.
More info
To keep up with constant developments in Portland, visit www.travelportland.com
If you go...
Flying
There is no simple way to get to Punta Arenas from the UAE, with flights from Dubai and Abu Dhabi requiring at least two connections to reach this part of Patagonia. Flights start from about Dh6,250.
Touring
Chile Nativo offers the amended Los Dientes trek with expert guides and porters who are met in Puerto Williams on Isla Navarino. The trip starts and ends in Punta Arenas and lasts for six days in total. Prices start from Dh8,795.
RESULTS
5pm: Maiden (PA) Dh80,000 1,600m
Winner: Raghida, Szczepan Mazur (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Maiden (PA) Dh80,000 1,600m
Winner: AF Alareeq, Connor Beasley, Ahmed Al Mehairbi
6pm: Arabian Triple Crown Round-2 Group 3 (PA) Dh300,000 2,200m
Winner: Basmah, Fabrice Veron, Eric Lemartinel
6.30pm: Liwa Oasis Group 2 (PA) Dh300,000 1,400m
Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
Winner: SS Jalmod, Richard Mullen, Satish Seemar
7.30pm: Handicap (TB) Dh100,000 1,600m
Winner: Trolius, Ryan Powell, Simon Crisford
Australia World Cup squad
Aaron Finch (capt), Usman Khawaja, David Warner, Steve Smith, Shaun Marsh, Glenn Maxwell, Marcus Stoinis, Alex Carey, Pat Cummins, Mitchell Starc, Jhye Richardson, Nathan Coulter-Nile, Jason Behrendorff, Nathan Lyon, Adam Zampa
Brief scores:
Manchester City 2
Gundogan 27', De Bruyne 85'
Crystal Palace 3
Schlupp 33', Townsend 35', Milivojevic 51' (pen)
Man of the Match: Andros Townsend (Crystal Palace)
if you go
The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.
The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.
MATCH INFO
Uefa Champions League quarter-final second leg:
Juventus 1 Ajax 2
Ajax advance 3-2 on aggregate
