International Holding Company (IHC) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2024 rose to AED 41.74 billion, up 46% year-over-year, with net profit attributable to owners at AED 7.08 billion, slightly down from AED 7.18 billion in the prior year.

• Total assets increased to AED 362.9 billion from AED 264.3 billion at year-end 2023, reflecting significant acquisitions and business combinations.

• Major business combinations and asset acquisitions were completed, including Modon Properties, ADNEC, Mopani Copper Mines, and others, expanding the Group's footprint across sectors.

Financial highlights

• Gross profit for H1 2024 was AED 10.12 billion, up from AED 6.14 billion year-over-year.

• Basic and diluted EPS for H1 2024 was AED 3.23, compared to AED 3.27 in H1 2023.

• Cash and cash equivalents at period end stood at AED 29.3 billion, up from AED 16.0 billion at year-end 2023.

• Total equity increased to AED 222.7 billion, with non-controlling interests at AED 85.6 billion.

• Borrowings and non-convertible sukuk rose to AED 69.6 billion from AED 48.4 billion at year-end 2023.

Outlook and guidance

• The Group continues to pursue growth through strategic acquisitions and investments across diversified sectors.

• Recent post-period acquisitions and agreements signal ongoing expansion in financial services, energy, and training sectors.