Investors monitor screens, displaying stock information, at the Abu Dhabi Securities Exchange. File/Reuters
Three subsidiaries of Abu Dhabi Securities Exchange (ADX)-listed International Holding Company (IHC) will be listed on the exchange’s Second Market commencing in second quarter of 2021.
The listing will create an attractive opportunity for current and new investors to take part in the growth of the companies, as well as benefitting IHC as a result of increased profile raising and higher visibility from these companies.
Emirates Stallion Group is one of IHC’s subsidiaries and has a diversified portfolio of businesses across engineering and construction, development and management of real estate and public realms and associated services.
Ever since its inception in 2006, ESG has grown rapidly becoming the region’s only all-encompassing real estate partner. ESG is home to 5 fully owned subsidiaries, 90+ operational sites, 12 marketplace presence and 4 associates and joint ventures. The subsidiaries include Century Real Estate, Royal Development Company, Abu Dhabi Land General Contracting, Gulf Dunes Landscaping and Agricultural services and RAPM Architect Project Management. The company has assets of Dhs394 million as of the end of 2020 and over 1000 employees.
One of the three companies to list is Al Seer Marine, a leading marine organisation in the Arabian maritime region, with an all-encompassing portfolio of products and services. The company engages in multiple marine sectors such as high-tech boatbuilding, unmanned systems development and manufacturing, Al Seer Marine Training Institute (ASMTI) for product training, maintenance and support services, supply logistics, 24x7 yacht management and project management. Founded in 2002, Al Seer Marine has assets of Dhs717.8 million as at the end of 2020.
Syed Basar Shueb, CEO and Managing Director of IHC, said: “IHC has continued to grow becoming the second-biggest company by value on the Abu Dhabi Securities exchange. We will continue to enrich our diversified portfolio with strong companies that are in line with our growth strategy and goals. We believe in local product and many of our fastest growing companies are homegrown in the UAE. Emirates Stallion Group and Al Seer Marine are ambitious companies that have continued to expand in recent years. Listing on ADX’ Second Market, will offer investors an outstanding opportunity to participate in these well-established companies’ success journey.” These listings will follow the three successful listings that IHC completed in 2020 of Palm Sports, Easylease and Zee Stores on ADX’s second market.
Over the last six months, IHC and its subsidiaries announced the pre-launch of the UAE’s first virtual wellness and prevention platform HealthyU, investments in UK-based DNA sequencing firm Oxford Nanopore Technologies, Quantlase Lab and Tamouh Healthcare, which recently developed the concept of Containerized Aid for Respiratory Emergencies (CARE), turning modular containers into fully equipped medical field hospitals such as — Sheikh Mohammed Bin Zayed Field Hospital - which was completed in early March near Darfur, Sudan.
IHC and its subsidiaries have also previously announced several new investments. These include a stake in SpaceX, Elon Musk’s aerospace company, a partnership with DAL Group for a significant agricultural development in Sudan; and Multiply’s acquisition of a stake in New York data-driven marketing firm YieldMo.
International Holding Company has reported Dhs1.5 billion net profit in the first quarter of 2021 fuelled by major contributions from its industrials and capital verticals.
The company posted its results for Q1 2021 with revenues standing at Dhs2.276 billion, up from Dhs1.563 billion in Q1 2020. The significant improvement in net profit in absolute and percentage terms was mainly due to improved business performance and profits attributable to acquisitions and investments completed in the second half of 2020. IHC’s total assets stood at Dhs19.7 billion as at March 31, 2021, compared to Dhs14 billion as at December 31, 2020.
Syed Basar Shueb, IHC’s Chief Executive Officer and MD, said: “Our first quarter financials were principally driven by our Industrials and Capital verticals, which provided the main thrust of our revenues. We recorded Dh2.3 billion in revenue, and importantly these results highlight our ability to grow our operations despite the economic challenges and to acquire the right businesses that add genuine value and bring synergies to our conglomerate.” The company mission is to generate value, increase returns and create sustainable growth for its shareholders through organic growth, strategic acquisitions, strong corporate governance, business combinations and consolidated finance through simplification, standardization and automation.