International Holding Company (IHC) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2024 reached AED 63.96 billion, up 49% year-over-year, with net profit attributable to owners at AED 10.73 billion, down 5% year-over-year.

• Total assets increased to AED 382.85 billion from AED 264.27 billion as of 31 December 2023, reflecting significant acquisitions and business combinations.

• Equity attributable to owners rose to AED 130.44 billion, with total equity at AED 236.48 billion, driven by new share issuances and capital contributions.

Financial highlights

• Gross profit for the nine months was AED 15.30 billion, up from AED 9.13 billion year-over-year.

• Basic and diluted EPS for the nine months was AED 4.89, compared to AED 5.16 for the same period last year.

• Cash and cash equivalents at period end were AED 33.24 billion, up from AED 16.08 billion at the end of 2023.

• Borrowings increased to AED 62.90 billion, and non-convertible sukuk to AED 7.01 billion.

• Net cash generated from operating activities was AED 6.27 billion for the nine months.

Outlook and guidance

• The group continues to pursue growth through acquisitions and expansion in core and new sectors.

• Recent acquisitions post-period include International Food Industries LLC, Royal Catering Services LLC, and Gallega Group Holdings DMCC.