5 November 2026
International Holding Company (IHC), the Abu Dhabi investment group listed on the Abu Dhabi Securities Exchange (ADX), reported revenue of AED 100.5 billion for the nine months ended 30 September 2026, up 33.2% year on year, and profit after tax of AED 32.5 billion, up 87.0%. Total assets reached AED 485.9 billion. Seven of the group’s eight business segments grew revenue, and international revenue more than doubled. IHC published the results on 5 November 2026; the growth rates refer to continuing operations.
IHC nine-month 2026 results in figures
IHC announced the results in a press release on 5 November 2026. Chief executive Syed Basar Shueb called the move above AED 100 billion of revenue “an important milestone”. The key indicators for January to September 2026:
| Indicator | 9M 2026 | Change year on year |
|---|---|---|
| Revenue | AED 100.5 billion | +33.2% |
| Gross profit | AED 25.3 billion | +35.4% |
| Profit before tax | AED 35.1 billion | +84.2% |
| Profit after tax | AED 32.5 billion | +87.0% |
| Earnings per share | AED 9.71 | +129.6% |
| Return on equity | 20.8% | not stated |
| Total assets | AED 485.9 billion | +13.4% |
| Total equity | AED 275.4 billion | +9.9% |
| Owners’ equity | AED 170.5 billion | +11.5% |
| Cash and bank balances | AED 76.6 billion | as of 30 September 2026 |
The percentage changes for revenue, gross profit, profit before and after tax and earnings per share are calculated from continuing operations, as the IHC release notes. The National, citing the company’s ADX filing, reported that net profit attributable to owners of the company rose 109% to about AED 21.2 billion, while investment income grew by nearly 215% to AED 24.2 billion.
Which segments drove revenue
IHC reports eight business segments. The release gives revenue for seven of them, and all seven grew in the first nine months of 2026:
| Segment | Revenue 9M 2026 | Change |
|---|---|---|
| Real Estate and Construction | AED 33.3 billion | +12.8% |
| Marine and Dredging | AED 22.4 billion | +3.7% |
| Energy and Mining | AED 19.3 billion | +295.1% |
| Hospitality and Leisure | AED 7.8 billion | +93.7% |
| Food | AED 5.1 billion | +25.7% |
| Financial Services | AED 4.4 billion | +53.7% |
| Technology | AED 2.9 billion | +20.5% |
Real Estate and Construction stayed the largest contributor, supported by property development and construction activity. Energy and Mining showed the sharpest increase, which IHC attributes to the expansion of minerals, metals and hydrocarbon trading. Marine and Dredging grew more slowly as projects continued across regional and international markets.
Profit after tax was also supported by investment income generated within the Financial Services segment. Outside Financial Services, the other seven segments together increased profit by 37.5% to AED 12.6 billion.
Third quarter, debt and capital deployment
For the first half of 2026 IHC reported revenue of AED 64.9 billion and profit after tax of AED 26.2 billion. Comparing the two releases, the third quarter alone accounted for about AED 35.6 billion of revenue and about AED 6.3 billion of profit after tax. According to The National, net profit attributable to owners fell about 30% year on year in the third quarter to AED 3.25 billion, while quarterly revenue rose by nearly 31%.
Net debt increased to AED 30.4 billion, which IHC links to financing raised for its investment programme. During the nine months the group deployed about AED 25.0 billion into associates, joint ventures, financial assets and investment properties. IHC reports a quick ratio of 2.6 times and a debt to equity ratio of 0.4 times.
In June 2026 IHC started the first AED 1.8 billion tranche of its second AED 5 billion share buyback programme. By 30 September 2026 it had repurchased about 1.9 million shares for AED 705 million.
Deals behind the international growth
The release lists the transactions of the period that supported growth outside the UAE, among them:
- the proposed acquisition of an 80% stake in Marlan Holding, subject to regulatory approvals, which we covered in our article on IHC and Marlan Space;
- a 26.67% interest in India’s Sammaan Capital as of 30 September 2026, part of a USD 1 billion investment programme;
- completion of the acquisition of First Women Bank Limited in Pakistan;
- a 50.1% interest in Alpha Wave Global acquired by Judan Financial;
- a planned 50:50 joint venture between IRH and Adani for a USD 11.5 billion aluminium project in Odisha, India;
- ePointZero’s USD 2.25 billion acquisition of Traverse Midstream Partners in the United States, completed in July 2026;
- Aldar acquisitions including AED 1.1 billion of Dubai residential assets, AED 650 million of KEZAD industrial and logistics properties and the AED 907 million Masdar City Square.
The release also mentions liquidity unlocked from IHC’s early investment in SpaceX after the phased release of post-IPO lock-up restrictions, and a larger exposure to OpenAI, Anthropic and Cerebras.
What the results mean for companies in the UAE
IHC is one of the largest groups listed on ADX. According to The National, its market capitalisation exceeds AED 722 billion and it has more than 1,300 subsidiaries. Its portfolio companies, including Aldar, NMDC Group, PureHealth, Ghitha and Esyasoft, operate in real estate, construction, dredging, healthcare, food and energy technology in the UAE and abroad.
The nine-month report does not change any rules, fees or procedures for businesses. For a company that works with large UAE groups as a supplier, contractor or tenant, the practical side stays the same: large counterparties usually check a valid trade licence with the right activities, tax registrations and a UAE corporate bank account during onboarding. Our UAE company formation guide explains how to choose the licence and jurisdiction for that.
Checklist: how to read a large UAE group’s results
- Check whether growth rates refer to continuing operations or to the whole group.
- Separate profit after tax from net profit attributable to owners of the company.
- Look at the share of investment income in profit, not only operating segments.
- Compare revenue by segment, not only the group total.
- Read net debt, cash and capital deployed during the period together.
- Take figures from the company release or the ADX filing: on 5 November 2026 one newspaper printed AED 100.3 billion and AED 32.3 billion, while the IHC release states AED 100.5 billion and AED 32.5 billion.
How Atlant Capital can help
Atlant Capital helps entrepreneurs who want to do business in the UAE, including as suppliers and partners of large groups. We handle company setup in the mainland and free zones, select licence activities that match the contracts you plan to sign and support corporate bank account opening, so that your company has the documents that counterparties request at onboarding.
Conclusion
IHC closed the first nine months of 2026 with revenue of AED 100.5 billion, up 33.2%, and profit after tax of AED 32.5 billion, up 87.0%, both from continuing operations. Real Estate and Construction remained the largest segment at AED 33.3 billion, Energy and Mining grew 295.1% to AED 19.3 billion, total assets reached AED 485.9 billion and net debt rose to AED 30.4 billion.
Source: IHC, TradeArabia.
FAQ
What were IHC revenue and profit for the first nine months of 2026?
International Holding Company reported revenue of AED 100.5 billion for January to September 2026, up 33.2% year on year, and profit after tax of AED 32.5 billion, up 87.0%. Gross profit rose 35.4% to AED 25.3 billion and earnings per share reached AED 9.71. The growth rates are from continuing operations.
Which IHC segment generated the most revenue in 2026?
Real Estate and Construction was the largest segment with AED 33.3 billion of revenue in the first nine months of 2026, up 12.8%. Energy and Mining grew fastest, by 295.1% to AED 19.3 billion, due to expanded minerals, metals and hydrocarbon trading.
How large are IHC total assets?
As of 30 September 2026, IHC total assets were AED 485.9 billion, up 13.4%. Total equity was AED 275.4 billion, cash and bank balances AED 76.6 billion and net debt AED 30.4 billion. In nine months the group deployed about AED 25.0 billion into new investments.
Where is IHC listed and where are its results published?
IHC shares trade on the Abu Dhabi Securities Exchange (ADX). The company publishes its results as a press release on its website and as a filing on ADX; the nine-month 2026 results were released on 5 November 2026.
