Major contributions came from its industrials and capital verticals Abu Dhabi skyline. Abu Dhabi-based strategic investment company International Holding Company (IHC) Wednesday reported net profit of Dh1.5 billion for Q1 2021. Image Credit: WAM
Abu Dhabi: Abu Dhabi-based strategic investment company International Holding Company (IHC) Wednesday reported net profit of Dh1.5 billion for Q1 2021 compared to Dh113 million a year earlier.
The surge in profit was driven by growth in the Industrials and capital verticals. Revenues in the first quarter 2021 were Dh2.27 billion, up from Dh1.56 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, the company said in a statement.
IHC s industrials vertical owns stakes in a number of businesses, including Quantlase Imaging Lab, the company behind the rapid Covid-19 screening system operated on the border between Abu Dhabi and Dubai at Ghantoot. It also owns Tamouh Healthcare, Pure Health and asset management company Eltizam Group.
The capital unit contains its International Securities arm, a securities brokerage acquired from Dubai-listed investment bank Shuaa in 2019.
IHC s acquisition spree over the past 12 months has led to substantial growth in the size of the company s balance sheet and its value. At the end of March, it had total assets of Dh19.67bn, compared to Dh8.9bn at the same period last year.
May 2, 2021
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Abu Dhabi-based International Holding Company s (IHC) subsidiary acquired a 40 per cent stake in Response Plus Medical Services (RPM) for an undisclosed sum.
RPM, which is a unit of VPS Healthcare, specialises in providing on-site healthcare services in remote work locations and medical emergency transfers.
The deal will allow IHC to expand its reach, scale and expertise , the company said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares trade.
“With our own primary and secondary care companies and clinics, we will be able to create considerable synergy and support a significant push into the GCC and Africa in the next five years where this type of on-site healthcare management and medical emergency transfers is needed,” Syed Shueb, chief executive and managing director of IHC, said.
IHC acquires 40% stake in healthcare firm RPM
ABU DHABI, 7 hours, 5 minutes ago International Holding Company PJSC (IHC), one of Abu Dhabi’s leading conglomerates, has acquired 40% stake in Response Plus Medical Services (RPM) through one of its subsidiaries. RPM was established in 2010 and has become one of the UAE’s largest provider of on-site healthcare management and medical emergency transfers from remote work sites. It provides medical support for oil and gas sector, chemical industries, construction sites, site clinics and ambulance services. In 2019, RPM established a presence in Saudi Arabia and Oman and has further strategic plans to expand across the GCC and Africa (Ghana and Nigeria) and India over the next five years. RPM now operates more than 200 site clinics as well as the largest fleet of ambulances in UAE. RPM is a unit of VPS Healthcare Group of Companies.