More earnings: IHC, Adnoc L&S, and Burjeel

INTERNATIONAL HOLDING COMPANY-

International Holding Company’s (IHC) net income dipped 30% y-o-y to AED 4.29 bn in 2Q 2024, according to its financial statements (pdf). The conglomerate saw its revenues increase 74% y-o-y, reaching AED 22.46 bn during the quarter. The marine and dredging segment led revenue growth, recording an 84% y-o-y increase to AED 7.1 bn. Property development followed, with revenues rising 152% y-o-y to AED 4.02 bn in 2Q.

On a six-month basis, the conglomerate’s bottom line climbed 18% y-o-y to AED 12.32 bn. IHC booked AED 41.74 bn in revenues, up 46% y-o-y in 1H 2024, driven by “sustained growth in the real estate and construction, marine and dredging, hospitality and leisure, and technology segments,” the conglomerate said in its earnings release (pdf).

REMEMBER- The conglomerate started the year strong, setting up 2PointZero in January as a holding company with some AED 100 bn (USD 27 bn) of assets under its umbrella. Its subsidiary, International Resources Holding, snagged a 51% stake in Zambia’s Mopani Copper Mines for USD 1.1 bn in April, while IHC absorbed nearly 100% of Colombian food manufacturer Grupo Nutresa and raised its stake in Nutresa to 14.83% that same month.

ICYMI- Earlier this week, IHC set up Rorix Holdings, a global finance and trade facilitation holding company, to focus on financial services, trade finance, advisory, commodities, and trade ins.

ADNOC LOGISTICS & SERVICES-

Adnoc L&S records strong results for 2Q and 1H 2024: The Abu Dhabi National Oil Company’s (Adnoc) logistics arm recorded a 28% y-o-y increase in net income to USD 207.7 mn in 2Q 2024, according to the company’s financial statements (pdf). The company’s revenues also saw a 42% y-o-y growth to USD 899.3 mn during the period.

On a six-month basis, Adnoc L&S’ bottomline climbed 31% y-o-y to USD 401.4 mn in 1H 2024, while revenues jumped 42% y-o-y to USD 1.74 bn, according to the statement.

Behind the numbers: The company attributes the strong performance to its growth strategy, which involves investing over USD 5 bn (AED 18.4 bn) in energy-related maritime logistics by 2028, according to an earnings release (pdf).

Adnoc L&S shelled out USD 6 bn in investments in 1H 2024, Adnoc L&S CEO Abdulkareem Al Masabi told Asharq Business in an interview (watch, runtime, 9:36). The investments include various acquisitions and several agreements aimed at boosting its low-carbon tanker fleet, Al Masabi said. The company has inked long-term contracts spanning some 340 years, expected to generate USD 10 bn in revenues for Adnoc L&S, he added.

ICYMI-The recent acquisition of Navig8 is expected to give Adnoc L&S a boost, with the first full FY following the acquisition expected to see a minimum 20% boost to its earning per share. The outfit also recently inked contracts worth USD 2.5 bn with South Korean shipyards, which are expected to boost the firm’s current fleet from 14 carriers to at least 22 vessels. AW Shipping — a JV between Adnoc L&S and Wanhua Chemical Group — placed a USD 1.9 bn order from China’s Jiangnan shipyard, which aims to enhance Adnoc’s capacity to transport lower-carbon energy sources.

Looking ahead: The company aims to continue targeting value-accretive investments to meet the wider global demand and deliver long-term value to shareholders, according to the statement.

BURJEEL HOLDINGS-

Burjeel Holdings posts 38% bottom line decline: Healthcare services provider Burjeel Holdings saw its net income fall 38% y-o-y to AED 64.5 mn during 2Q 2024, according to its financial statements (pdf). The healthcare firm’s revenues grew 10% y-o-y to AED 1.18 bn during the three-month period, driven by an increase in patient footfall and yield, according to a separate earnings release (pdf).

On a six-month basis, Burjeel’s bottom line decreased 24.8% y-o-y in 1H 2024 to AED 168.9 mn. Excluding the impact of one-offs and taxes, net income improved by 6% y-o-y to AED 238 mn. The healthcare firm booked AED 2.39 bn in revenues, up 10% y-o-y, driven mostly by its hospitals segment, which comprised 88% of total revenue in 1H.

Looking ahead: Burjeel will continue to invest in deploying technology and moving forward with strategic expansion plans, the release said. The company maintains a positive outlook for its mid- and long-term growth, driven by “favorable macro tailwinds” in the UAE and Saudi Arabia, as well as rapid population growth expected to boost demand for added healthcare capacity.

PORTS, CUSTOMS AND FREE ZONE CORPORATION-

The Ports, Customs, and Freezone Corporation (PCFC) saw its net income increase 33.5% y-o-y to AED 654 mn in 2023, according to its annual report (pdf) and an accompanying statement. The PCFC’s revenues hit AED 1.08 bn in 2023.