Newzbusiness.com
Just connect

IHC posts Dh959m profit as revenue jumps eight fold

Over the nine-months period, revenue was Dh4.6 billion, as a result of the acquisition of companies through business combinations and common control.

0

Dubai-International Holding Company (IHC), announced its financial results for Q3 2020.

Revenue for the third quarter 2020 jumped 8-fold to Dh2.2 billion from Dh260.3 million in Q3 2019. This was driven primarily by the following three company verticals; healthcare, food products and maintenance and service.

Over the nine-months period, revenue was Dh4.6 billion, as a result of the acquisition of companies through business combinations and common control.

Net Profit reached Dh958.9 million in Q3 2020 from Dh16.6 million in Q3 2019; of which Dh360.5 million is a share of profits from investments in associates and joint ventures.

Cash and cash equivalents grew by Dh1.1 billion during the reporting period. The Company now has cash and cash equivalent of Dh2.4 billion at the end of the period.

Total assets as on September 20 is reported at Dh12.1 billion, up 3-fold from Dh4.0 billion reported on Dec. 31 2019.

Basic earnings per share for 3Q 2020 was Dh0.94 versus Dh0.03 in 3Q 2019.

Syed Basar Shueb, IHC’s CEO and Managing Director, added: “It’s been a strong third quarter 2020. Our revenues leapt to Dh2.2 billion, and our net profit and total assets reached Dh959 million and Dh12.1 billion, YTD, respectively. This was primarily driven by our healthcare, food products and maintenance & service verticals, which make up to 67 percent of total revenues. We look forward to an outstanding end-of-year.”

Strategic Investments During Q3 2020, IHC continued its business expansion through a series of strategic investments, which contributed Dh60.6 million to asset growth over the period. The main transactions were the following: Acquisition of 100 percent of the Royal Architect Project Management LLC, RAPM. RAPM is a leading provider of design & engineering, project management and cost management services.

Acquisition of 100% of the Royal Development Company LLC, RDC. RDC is highly regarded developer of local and international real estate projects and all ancillary activities.

Acquisition of R-Med Medical Supplies LLC (52 percent interest) and Apex Alwataniah Catering Service LLC (60 percent interest). The former’s principal activities including procuring, packaging and distributing medical hygiene products; and the latter is engaged in the provision of catering services to private and public organisations.-WAM

[email protected]

 

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More