International Holding Company PJSC (IHC) has announced its first quarter financial results of 2022.
Driven by growth across all subsidiaries, IHC reported profit of AED 3.55 billion in the first quarter of 2022, compared to AED 1.5 billion in profit at Q1 2021, alongside revenue of AED 10.49 billion; while total assets stood at AED 96.04 billion.
IHC is continuing to deliver on its strategic growth plans, expanding its portfolio to 323 subsidiaries, an increase of 196 percent up from 109 in Q1 of 2021. Subsequently, the workforce is now measuring 22,345 employees, growing by over 194 percent since the first quarter of last year.
Syed Basar Shueb, CEO and Managing Director of IHC, said, “The performance of this first quarter reflects the resilience of our multi-business portfolio, in spite of continued volatility in the global marketplace. No one’s immune, but we have fortified our business and built it in such a way that we ensure it keeps growing throughout unprecedented economic times; and we remain squarely focused on accelerating growth by strengthening our core business and expanding our presence in high-growth channels.”‘
IHC’s eight listed companies show consistently strong returns for shareholders, resulting in a 20 percent gain of earnings per IHC share from AED 0.73 fils in Q1 2021 to AED 0.88 fils in the first quarter of 2022.