Press releases, Reports & Disclosures for International Holding Company PJSC

The International Holding Company (IHC) has successfully integrated an AI-powered entity, Aiden Insight, as a Board Observer. In its first board meeting, Aiden Insight demonstrated its analytical capabilities by dissecting decades of business data, financial reports, and market trends, providing actionable insights and predictive analyses. This helped the IHC Board make informed decisions, manage risks, and identify emerging opportunities. Aiden Insight's contributions were data-driven, offering a comprehensive analysis of the company's financial and operational aspects. The AI's focus on emerging technologies and sustainability practices aligns with IHC's values. The CEO of IHC, Syed Basar Shueb, highlighted that Aiden Insight significantly enriched the board's discussions and provided strategic recommendations for revenue growth and cost optimisation. Aiden Insight's integration marks a new era of AI-enabled corporate governance for IHC.

The International Holding Company (IHC) has reported an 87.6% growth in Q1 2024, with a net profit of AED 8.0 billion, compared to AED 4.3 billion in Q1 2023. This growth was driven by strong performances across IHC’s core sectors and strategic consolidation of key assets. The company's revenue increased by 22.5% to reach a record AED 19.3 billion. IHC's total assets base also increased by 28.1% in Q1 2024 to reach AED 338.4 billion. The board of IHC has approved an AED 5 billion annual share buyback program. The company has launched a new entity, 2PointZero, to focus on key sectors including financial services, mineral and resource management, transformative technology & AI, and digital and cryptocurrency ecosystems.

The text presents a review report and interim financial information for the International Holding Company PJSC for the three-month period that ended on 31 March 2024.

The International Holding Company (IHC), through its wholly owned subsidiary, IHC Capital Holding LLC, has completed a share swap transaction in Colombia. In the transaction, IHC transferred its 2.03% stake in Grupo de Inversiones Suramericana SA and received a 2.45% stake in Grupo Nutresa SA, a food-processing conglomerate based in Medellín, Colombia. Furthermore, IHC Capital Holding LLC launched an open market offer to acquire shares of Grupo Nutresa SA, resulting in the acquisition of an additional 12.38% stake. After these transactions, IHC's effective stake in Grupo Nutresa SA is 14.83%, equivalent to 67,907,680 shares.