Abu Dhabi conglomerate International Holding Company (IHC) reported a net profit of AED 4.82 billion ($1.31 billion) in the third quarter of 2023, down 65.34%, compared to AED 13.91 billion in the same period last year.

Revenue for the three-month period ended September 30, 2023, rose by 14.29% year-on-year (YoY) to AED 14.15 billion.

In Q3 2023, IHC’s total assets grew by 3.3%, while total liabilities declined by 1.3% compared to December 2022. Additionally, total owner’s equity rose by 16.3% to AED 78.9 billion.  

Net profit for the nine months declined by 37.28% to AED 15.22 billion from AED 24.27 billion a year ago.

Revenue rose by 24.80% YoY to AED 42.82 billion, driven by positive performance in key segments, including real estate and construction, marine and dredging, and services.

(Editing by Seban Scaria seban.sciria@lseg.com )