IHC bottom line rises 87% in 1Q, announces AED 5 bn share buyback: ADX-listed conglomerate International Holding Company (IHC) saw its net income climb 87% y-o-y to AED 8 bn in 1Q 2024, according to its earnings release (pdf). The investment giant posted AED 19.3 bn in revenues, up 22% y-o-y during the quarter.

The conglomerate attributed its robust growth to “positive performance from key segments,” particularly real estate — driven by the transfer of several assets under Modon Holding — as well as the marine and dredging segment.

IHC plans to buy back to AED 5 bn of its shares over one year, leveraging its stable income growth “to enhance shareholder value through increased earnings per share,” the conglomerate said in a disclosure (pdf). The share buyback program will see IHC cancel the shares after repurchasing them, pending board approval.

Looking ahead, 2PointZero will help IHC diversify its portfolio “and penetrate new markets and regions, aiming to maximize our impact," IHC CEO Syed Basar Shueb said. IHC set up 2PointZero in January as a holding company with some AED 100 bn (USD 27 bn) of assets under its umbrella, including Chimera Investment, private-markets focused firm Lunate, crypto mining player Citadel Technologies, Middle-East focused Sagasse Investments, Egypt’s Beltone Financial Holding, as well as Abu Dhabi’s International Resources Holding.

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