Abu Dhabi-based International Holding Company posted an eight-fold increase in revenue for the third quarter of 2020.
The rise in revenue to Dh2.2 billion ($599.45 million) for the three months to the end of September propelled quarterly net income to Dh959m, up from just Dh16m in the same period last year.
The rise was "primarily driven by our healthcare, food products and maintenance and service verticals, which make up to 67 per cent of total revenues", IHC's chief executive Syed Basar Shueb said. "We look forward to an outstanding end of year."
The company's healthcare arm owns Quantlase Imaging Lab, the company behind the rapid Covid-19 screening system operated on the border between Abu Dhabi and Dubai at Ghantoot.
IHC, which is majority owned by Abu Dhabi's PAL Group of Companies, has been on a acquisition spree this year, securing a 52 per cent stake in R-Med Medical Supplies, a company that makes sterilising gates placed at the entrance of buildings to limit the spread of Covid-19.
It also acquired property developer Royal Development and project management firm Royal Architect and taken a 60 per cent stake in Apex Alwataniah Catering Service. The deals meant the company's total assets have increased three-fold during the nine-month period to Dh12.1bn. Liabilities have also increased more than three-fold to Dh6.2bn over the same period.
Revenue for the nine-month period grew more than seven-fold to Dh4.6bn, while profit jumped to almost Dh1.8bn, up from Dh27m in the same period last year.
Earlier this month, the company took a stake in Oxford Nanopore Technologies, a UK-based firm that specialises in DNA sequencing technology. The company invested £39m ($51m) in Oxford Nanopore’s £84.4m equity raising exercise and said the deal would help it to boost its Covid-19 testing capability.
Its subsidiary IHC Food Holding also entered into a partnership with Sudan's DAL Group, which will invest $225m in developing more than 100,000 acres of farmland in the North African country over the next 10 years.
The company's shares closed 1 per cent higher on Wednesday at Dh38.36 per share and have increased more than six-fold in value since the start of the year.
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KILLING OF QASSEM SULEIMANI
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
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Richard Olson: Why Afghanistan will be very wary
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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Plastic tipping point
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Zayed Sustainability Prize
Towering concerns
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Towering concerns
Tomorrow 2021
COMPANY PROFILE
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
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Hussein Ibish: Trump's order on solid constitutional ground
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Mohammed bin Zayed Majlis
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BAD%20BOYS%3A%20RIDE%20OR%20DIE
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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.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Damien McElroy: A CEO tasked with spreading Iran's influence
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Killing of Qassem Suleimani
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Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
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The%20specs
RESULTS
2pm: Handicap (PA) Dh 40,000 (Dirt) 1,200m
Winner: AF Senad, Nathan Crosse (jockey), Kareem Ramadan (trainer)
2.30pm: Maiden (PA) Dh 40,000 (D) 1,000m
Winner: Ashjaan, Fabrice Veron, Eric Lemartinel.
3pm: Maiden (PA) Dh 40,000 (D) 1,700m
Winner: Amirah, Conner Beasley, Ali Rashid Al Raihe.
3.30pm: Handicap (PA) Dh 40,000 (D) 1,700m
Winner: Jap Al Yaasoob, Szczepan Mazur, Irfan Ellahi.
4pm: Sheikh Mansour bin Zayed Al Nahyan Cup Prestige Handicap (PA) Dh 100,000 (D) 1,200m
Winner: Jawaal, Fernando Jara, Majed Al Jahouri.
4.30pm: Handicap (TB) Dh 40,000 (D) 1,200m
Winner: Manhunter, Ryan Curatolo, Mujeeb Rahman.
Results
Final: Iran beat Spain 6-3.
Play-off 3rd: UAE beat Russia 2-1 (in extra time).
Play-off 5th: Japan beat Egypt 7-2.
Play-off 7th: Italy beat Mexico 3-2.
School uniforms report
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
GROUPS AND FIXTURES
Group A
UAE, Italy, Japan, Spain
Group B
Egypt, Iran, Mexico, Russia
Tuesday
4.15pm: Italy v Japan
5.30pm: Spain v UAE
6.45pm: Egypt v Russia
8pm: Iran v Mexico
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
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• Remittance charges will be tackled by blockchain
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• The National announces Future of News journalism competition
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65
MORE FROM ED HUSAIN: The UAE-Israel accord is a win for every Muslim
RACE CARD AND SELECTIONS
5pm: Maiden (PA) Dh80,000 1,200m
5,30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,200m
6pm: The President’s Cup Listed (TB) Dh380,000 1,400m
6.30pm: The President’s Cup Group One (PA) Dh2,500,000 2,200m
7pm: Arabian Triple Crown Listed (PA) Dh230,000 1,600m
7.30pm: Handicap (PA) Dh80,000 1,400m
The National selections
5pm: RB Hot Spot
5.30pm: Dahess D’Arabie
6pm: Taamol
6.30pm: Rmmas
7pm: RB Seqondtonone
7.30pm: AF Mouthirah
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The National Editorial: Is there much to celebrate on International Women's Day 2021?
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
World Mental Health Day
More on animal trafficking
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- Alistair Burt: Despite Brexit, Britain can remain a world power
- Con Coughlin: Choice of the British people will be vindicated
