International Holding Company (ADX:IHC), a diversified Abu Dhabi-based conglomerate, has announced remarkable growth for the first quarter of 2024, showcasing a steadfast commitment to enhancing shareholder value and solidifying its position as a global industry leader.

The company reported a staggering 87.6% growth in net profit, totaling AED 8.0 billion for Q1 2024, compared to AED 4.3 billion in the same period in 2023. This significant growth was driven by strong performances across IHC’s core sectors, including Real Estate & Construction, Technology, Marine & Dredging, Food, and Services & Others. The company witnessed a 22.5% increase in revenue, reaching AED 19.3 billion compared to AED 15.7 billion in Q1 2023.

The strategic consolidation of assets from Q Holding with Modon, ADNEC, Miza Investment, and other entities in February 2024 significantly boosted the real estate segment. Additionally, the marine and dredging sector saw continued positive momentum from NMDC, carrying forward the success from FY23.

Syed Basar Shueb, CEO of IHC, expressed his satisfaction with the quarter's record revenues, emphasizing the company's resilience and strategic focus on growth through selective acquisitions that enhance operational synergies. He highlighted the launch of the "next generation holding company," 2PointZero, which aims to focus on key sectors including financial services, mineral and resource management, transformative technology & AI, as well as digital and cryptocurrency ecosystems.

Shueb stated, "With the introduction of a new flagship entity, we are optimistic about the future as we continue to diversify our portfolio and penetrate new markets and regions, aiming to maximize our impact."

During the first quarter Board Meeting, the Group approved a remarkable decision to endorse a share buyback program totaling up to AED 5 billion. This initiative, slated for execution over a one-year timeframe, is designed to cancel the shares bought back in adherence to the trading regulations stipulated by the Abu Dhabi Securities Exchange, subject to determinations by the Board of Directors.

The rationale behind this decision is driven by IHC’s robust financial standing, characterized by significant cash flow and a strong balance sheet. The Buyback Program will be carried out post general assembly meeting approval and requisite regulatory authorizations, including those from the Abu Dhabi Securities Exchange, aiming to enhance shareholder value through increased earnings per share.

In addition to its financial achievements, IHC highlighted key milestones including the acquisition of 87% equity interest in Two Point Zero Group LLC, the integration of Aiden’s AI insights into its strategic decision-making process for corporate governance, and the acquisition of a 51% equity interest in Mopani Copper Mines PLC by Delta Mining Ltd, a subsidiary of International Resources Holding.