International Holding Company posts AED 959 mn of net profit as revenue jumps eight fold

ABU DHABI, International Holding Company PJSC, ADX: IHC, today announced its financial results for 3Q 2020.

Revenue for the third quarter 2020 jumped 8-fold to AED 2.2 billion from AED 260.3 million in 3Q 2019. This was driven primarily by the following three company verticals; healthcare, food products and maintenance and service.

Over the nine-months period, revenue was AED 4.6 billion, as a result of the acquisition of companies through business combinations and common control.

Net Profit reached AED 958.9 million in 3Q 2020 from AED 16.6 million in 3Q 2019; of which AED 360.5 million is a share of profits from investments in associates and joint ventures.

Cash and cash equivalents grew by AED 1.1 billion during the reporting period. The Company now has cash and cash equivalent of AED 2.4 billion at the end of the period.

Total assets as on September 20 is reported at AED 12.1 billion, up 3-fold from AED 4.0 billion reported on Dec. 31 2019.

Basic earnings per share for 3Q 2020 was AED 0.94 versus AED 0.03 in 3Q 2019.

Syed Basar Shueb, IHC’s CEO and Managing Director, added: “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.”

Strategic Investments During 3Q 2020, IHC continued its business expansion through a series of strategic investments, which contributed AED 60.6 million to asset growth over the period. The main transactions were the following: Acquisition of 100 percent of the Royal Architect Project Management LLC, RAPM. RAPM is a leading provider of design & engineering, project management and cost management services.

Acquisition of 100% of the Royal Development Company LLC, RDC. RDC is highly regarded developer of local and international real estate projects and all ancillary activities.

Acquisition of R-Med Medical Supplies LLC (52 percent interest) and Apex Alwataniah Catering Service LLC (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.

 

Source: Emirates News Agency

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