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Abu Dhabi conglomerate International Holding Company (IHC) is optimistic about the economy and aims to increase its profit to 17 billion dirhams ($4.6 billion) this year.
The new target is more than 46 percent higher than last year's net profit of 11.57 billion dirhams, according to a disclosure on Tuesday to the Abu Dhabi Securities Exchange (ADX), where the company's shares trade.
The company, which has presence in various sectors including healthcare, food and real estate, also revealed that its target for 2022 covers a range of areas like IPO and ADX listing, strategic acquisitions, investment funds, business expansion and international operations.
Image courtesy IHC
"We are optimistic about the economic recovery, as it is still a work in progress after COVID's second and current wave," said Syed Basar Shueb, CEO and Managing Director of IHC.
Shueb said their strategy for the year is not built on "the same assumptions and verticals" that drove results prior to the coronavirus pandemic. "It is forward-looking and is not just a response to what has been, it's about what can be achieved."
The company's revenue reached 28.56 billion in 2021. Its assets also surged 535 percent to 88.9 billion dirhams during the 12 months ending December 2021.
(Reporting by Cleofe Maceda; editing by Daniel Luiz)
