ABU DHABI/October 28-2020: International Holding Company (IHC) saw its net profit for the third quarter (Q3) ending September 30, 2020, soar multi-fold from AED16.6 million to AED958.9 million, year on year.
Out of the huge profit, AED 360.5 million has come as the share of profits from investments in associates and joint ventures.
Revenue for the third quarter 2020 jumped 8-fold to AED2.2 billion from AED260.3 million in Q3 2019. This was driven primarily by three company verticals; healthcare, food products and maintenance & service.
For the nine-month period, revenue has reached AED4.6 billion, mainly as a result of the acquisition of companies through business combinations and common control.
Cash and cash equivalents during the period under review grew by AED1.1 billion, and the company has cash and cash equivalent of AED2.4 billion as of the end of the period.
Total assets as on September end, 2020 were at AED12.1 billion, up 3-fold from AED4 billion reported on December 31 2019.
Syed Basar Shueb, IHC’s CEO and Managing Director, said the third quarter has been strong on performance. “Our revenues jumped to AED2.2 billion, and this was primarily driven by our healthcare, food products and maintenance & service verticals, which make up almost 67 per cent of the total revenue,” Basar Shueb said.
During Q3, 2020, IHC continued its business expansion through a series of strategic investments, which contributed substantially to asset growth over the period.
The main transactions during the period include, acquisition of 100 per cent of the Royal Architect Project Management (RAPM), acquisition of 100 per cent of the Royal Development Company (RDC), acquisition of R-Med Medical Supplies (52 per cent) and Apex Alwataniah Catering Service (60 per cent interest).