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Abu Dhabi IHC will buy back up to $1.4 billion of its shares.

Abu Dhabi IHC will buy back up to $1.4 billion of its shares.

Abu Dhabi IHC will buy back up to $1.4 billion of its shares.

Dubai, May 6 (Reuters) – International Holding Company (IHC), the largest publicly traded company in Abu Dhabi, announced on Monday its intention to buy back shares worth up to 5 billion dirhams ($1.36 billion), noting that its profit in the first quarter nearly doubled.

Net profit for the first three months of the current year increased to 8.02 billion dirhams compared to 4.27 billion dirhams a year earlier, while revenue rose to 19.29 billion dirhams, up from 15.74 billion dirhams, driven by strong performance in key sectors such as real estate, construction, and technology.

“The decision to buy back shares is based on IHC's strong financial position, characterized by significant cash flow and a solid balance sheet,” the company noted in its buyback statement.

IHC is headed by Sheikh Tahnoun bin Zayed Al Nahyan, the National Security Advisor of the United Arab Emirates and the brother of the UAE President Sheikh Mohammed bin Zayed.

Previously known as the International Aquaculture Holding, IHC has grown from a minor producer and distributor of seafood and a real estate investor to a major conglomerate, with a market capitalization that has increased to approximately $238.5 billion since 2020, more than double the size of the global alternative asset manager BlackRock.

The company's shares have decreased by 3.5% since the beginning of the year, reaching 399.5 dirhams per share, although they have significantly increased compared to the start of trading on the Abu Dhabi stock exchange in 2005.

In January, IHC announced the creation of a new holding company called 2PointZero, which has a portfolio of assets worth $27 billion across various sectors, including asset management and mining.

"With the establishment of the new flagship division, we look to the future with optimism, continuing to diversify our portfolio and expand into new markets and regions, aiming to maximize our impact," said the CEO.Sayed Basar Shueibon Monday.

($1 = 3.6725 UAE dirhams)

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