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Abu Dhabi’s sovereign-backed International Holding Company (IHC) posted a full-year 2024 net profit of 25.5 billion dirhams ($6.9 billion), marking a 22% decline from the AED 33 billion earned a year ago.
The net earnings after tax fell after the company opted to utilise its resources to pursue high-impact initiatives and subsidiary scaling, in line with the strategy to boost future shareholder returns, IHC confirmed on Monday.
Total revenue, however, surged by over 54% to AED 92.8 billion, while earnings per share (EPS) was pegged at AED 7.08.
IHC also ended the year with total assets reaching AED 401.7 billion, up 52% from December 2023. Total equity was up by 55.7% to AED 244.1 billion.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
