International Holding Company (IHC), a leading Abu Dhabi-based group with interests in key sectors such as real estate, manufacturing and financial services, has registered a net profit of AED958.9 million ($261 million) for the third quarter.
Announcing the result for the third quarter, IHC said its revenue jumped eight-fold growth to Dh2.2 billion ($599 million) from AED260.3 million last year, driven primarily by the following three company verticals; healthcare, food products and maintenance and service.
Of this, AED360.5 million is a share of profits from investments in associates and joint ventures, said the Emirati firm.
Over the nine-months period, revenue surged to AED4.6 billion, as a result of the acquisition of companies through business combinations and common control. Cash and cash equivalents grew by AED1.1 billion during the reporting period, it added.
CEO and Managing Director Syed Basar Shueb said: "It’s been a strong third quarter 2020. Our revenues leapt to AED 2.2 billion, and our net profit and total assets reached AED 959 million and AED 12.1 billion, YTD, respectively."
"This was primarily driven by our healthcare, food products and maintenance & service verticals, which make up to 67 percent of total revenues. We look forward to an outstanding end-of-year," he noted.
The main transactions during the nine-month period are the following:
*Acquisition of 100 percent of the Royal Architect Project Management (RAPM), a leading provider of design & engineering, project management and cost management services.
*Acquisition of 100% of the Royal Development Company, a key developer of local and international real estate projects and all ancillary activities.
Acquisition of R-Med Medical Supplies and Apex Alwataniah Catering Service (60 percent interest). The former’s principal activities including procuring, packaging and distributing medical hygiene products; and the latter is engaged in the provision of catering services to private and public organisations.
Basar Shueb said IHC continues its business expansion through a series of strategic investments, which contributed AED60.6 million to asset growth over the period.
The Abu Dhabi group presently has cash and cash equivalent of AED2.4 billion at the end of the period. Total assets as of September is reported at AED12.1 billion, up 3-fold from AED4 billion reported on December 31 last year, he added.-TradeArabia News Service
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