Abu Dhabi-based investment company International Holding Company (IHC) has reported a net profit of Dhs3bn for 2020, a six-fold, year-on-year increase.
It attributes the rise in net profits to a series of acquisitions as well as organic growth across its diversified portfolio.
IHC reported annual revenues of Dhs7bn, compared to Dhs1.26bn in 2019.
The verticals which saw a rapid expansion in operations included healthcare, food products, real estate, agriculture and digital technologies.
It also sought minority stakes in growth companies. IHC has acquired stakes in California-based aerospace company SpaceX through a private equity fund, as well other investments in UK-based DNA sequencing firm Oxford Nanopore technologies, New York digital marketing company Yieldmo, and Abu Dhabi National Oil Company (ADNOC).
IHC’s strategy includes investments, restructuring, consolidation, diversification, and divesting. Comprising more than 25 entities, the current six vertical segments – Industrial, Capital, Digital, Food, Utilities and Real Estate – will be expanded in 2021 to include Education, Leisure and Retail, Agriculture and Healthcare.
IHC’s total assets increased to Dhs14bn as of December 31, 2020, from Dhs4bn a year earlier. The company held cash and cash equivalents of Dhs3.7bn at the end of 2020.
“Although our growth has been partially driven by strategic acquisitions and investments, our subsidiaries have also delivered strong organic revenue growth of 165 percent,” added Syed Basar Shueb, IHC’s CEO and managing director.