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Maqsood Alam
4 minute read
Electronic boards showing stock information are pictured at the stock market, in Dubai, United Arab Emirates, November 5, 2020. REUTERS/Abdel Hadi Ramahi
Major Gulf stock markets were mixed on Thursday, with the Abu Dhabi index rising after aquaculture firm International Holding Company reported a higher quarterly profit.
Abu Dhabi s index (.ADI) closed 0.6% higher with a weekly gain of 1.7%. International Holding (IHC.AD) was up 3.3%, boosting the index the most. The firm posted 1.5 billion dirhams of profit in the first quarter compared with 112.2 million dirhams a year earlier.
The company s board also approved acquiring stake in four companies through its units.
Middle EastMIDEAST STOCKS Major Gulf stocks mixed in early trade, IHC lifts Abu Dhabi
Reuters
3 minute read
Major Gulf stock markets were mixed in early trade on Thursday, with stocks in Saudi Arabia and Dubai witnessing a fall, while Abu Dhabi index gained after aquaculture firm International Holding Company (IHC.AD) reported a higher quarterly profit.
Saudi Arabia s benchmark index (.TASI) was down 0.3% as Dr. Sulaiman Al-Habib Medical Services Group shed 0.7%.
Abdullah Al-Othaim Markets Company (4001.SE) declined nearly 4% to be the second biggest drag on the index. The food retailer reported more than 40% decrease in quarterly profit to 57.7 million riyals ($15.39 million).
IHC reports net profit of Dh1.5b reporters@khaleejtimes.com Filed on May 5, 2021
International Holding Company (IHC) has reported a net profit of Dh1.5 billion led by major contributions from its industrials and capital verticals.
The company posted its results for Q1 2021, with revenues in the first quarter of 2021 standing at Dh2.276 billion, up from Dh1.563 billion in Q1 2020. The significant improvement in net profit in absolute and percentage terms was mainly due to improved business performance and profits attributable to acquisitions and investments completed in the second half of 2020.
IHC’s total assets stood at Dh19.7 billion as at March 31, 2021, compared to Dh14 billion as at December 31, 2020.