International Holding Company Soars in Q1, Announces Shareholder Reward Program

The International Holding Company (IHC) of Abu Dhabi reported a stellar first quarter of 2024, boasting an impressive 87. 6% year-over-year net profit increase. This surge, translating to a hefty AED 8 billion (US $2. 2 billion), signifies the company's robust financial health and commitment to shareholder value.

The impressive Q1 performance follows a period of strategic acquisitions and operational streamlining within IHC. This focus on growth has yielded significant results, with a profit after tax margin of 41. 6% and earnings per share of AED 2. 17.

Syed Basar Shueb, IHC's Chief Executive Officer, expressed optimism about the company's future. "This quarter's record revenues underscore our ongoing resilience and strategic focus on growth, " he remarked. Shueb went on to highlight the company's pursuit of "selective acquisitions that enhance operational synergies and solidify our standing as a global industry leader. "

Further underscoring IHC's commitment to its shareholders, the company announced a AED 5 billion (US $1. 4 billion) share buyback program. This initiative allows IHC to repurchase its own shares on the open market, effectively returning capital to investors and potentially boosting share prices. The buyback program signifies the company's confidence in its long-term prospects and its dedication to rewarding those who have invested in its success.

IHC's strong Q1 performance is a testament to its strategic direction and its ability to generate significant profits. With a focus on continued growth and a commitment to shareholder value, the company appears well-positioned for continued success in the years to come.

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