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International Holding Company’s revenues record 10.5 bn dirhams

International Holding

Abu Dhabi, (Business News Report)|| The International Holding Company’s revenues of have recorded 10.5 billion dirhams in the first quarter of this year 2022.

In its financial results, the company said that it achieved profits of 3.55 billion dirhams in the first quarter of 2022, compared to 1.5 billion dirhams in the same period in 2021, a growth of 136%.

The total assets amounted to 96.04 billion dirhams, an increase of 8% over December 2021.

The International Holding Company continues to implement its strategic plans for growth, expanding its portfolio to include 323 subsidiaries, an increase of 196% from 109 in the first quarter of 2021.

Thus, the number of employees now stands at 22,345, an increase of more than 194% 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.”

The eight listed companies of the International Holding Company have consistently shown strong returns for shareholders, which resulted in gains of 20% for each share of the company, increasing from 0.73 fils in the first quarter of 2021 to 0.88 fils in the first quarter of 2022.

In a separate context, the shares of Al Alamiya Holding and Vertglobe bucked the downward trend of the Abu Dhabi market, to limit the rise to these two shares, in conjunction with the announcement of positive quarterly business results.

In the first minutes of Thursday’s session, the International Holding Company’s share rose by 1.19% around the highest level ever, and Vertiglobe’s share rose by 2.47%.

The two shares topped the trading value in the market, attracting the International Holding Company, which amounted to 80.24 million dirhams, while Virtglobe grabbed transactions worth 42.005 million dirhams.

The performance of the two shares coincided with the decline of the Abu Dhabi FTSE market index by 2.14% at the level of 9537 points, with a trading value of 328.19 million dirhams.

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