International Holding Company PJSC

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.

The Annual General Assembly of the International Holding Company PJSC took place on 25th March 2024 at 3:30 pm at the company's head offices in Abu Dhabi. The meeting was held both physically and remotely, with shareholders given the option to register and vote electronically. The assembly was convened after reaching the required quorum, with a total of 2,067,815,705 shares, representing 94.27% of the company's capital, registered for the meeting. The meeting was attended by Dr. Mohamed Somar Nassouh Ajalyaqin (Vice Chairman), Ms. Sofia Lasky (Board Member), and Mr. Syed Basar Shueb (Managing Director). The agenda items were discussed and appropriate resolutions adopted.