IHC (ADX: IHC) stock fundamentals
ADX: IHC · Industrials · United Arab Emirates
In brief
IHC (ADX: IHC) is International Holding Company PJSC, an Abu Dhabi holding company whose group manages and invests in diversified projects, including food, health care, real estate, construction and financial services. Its interim financial statements for H1 2026 report revenue of AED 33.4 billion for Q2 2026, the quarter ended 30 Jun 2026.
Key facts
IHC (ADX: IHC) · AED · fiscal year ends 31 December · figures from the company's financial statements; derived values are marked.
Fundamentals profile
vs IHC's own FY2021–FY2025 range (fewer than 5 covered peers) · Data as of
Each row places IHC's value against its own FY2021–FY2025 range. It describes; it does not rate. There is no overall score. How we calculate this
| Dimension | Metric | IHC | Own 5-year median | Position | Range |
|---|---|---|---|---|---|
| Growth | Revenue, 3-year CAGR to FY2025 | 29.8% | Own 5-year median not available | not available | not available |
| Cash flow | FCF margin (FY2025) | 12.4% | Own 5-year median 12.4% | Lower (5.6%) Higher (41.2%) | |
| Dividend history | No dividend paid in the last 5 fiscal years | ||||
Source: IHC financial statements. Derived by StockFactsheet.
How did IHC's revenue and gross margin compare across its six filed quarters from Q3 2024 to Q2 2026?
International Holding Company (IHC) reported revenue of AED 33.4 billion for Q2 2026, the quarter ended 30 Jun 2026. Its interim financial statements for H1 2026 print the Q2 2025 comparative on a continuing-operations basis. Against that re-presented quarter, revenue grew 35.8% and gross margin rose from 24.5% to 26.5%, our calculation.
IHC quarterly revenue, Q3 2024 to Q2 2026
AED bn · quarters ended to
| AED m | Q2 2026ended | Q1 2026ended | Q3 2025ended | Q2 2025ended | Q1 2025ended | Q3 2024ended |
|---|---|---|---|---|---|---|
| Revenue | 33,411 | 31,445 | 29,902 | 24,610 R | 23,609 R | 22,215 |
| Revenue YoY % | R | R | not available | not available | not available | |
| Gross margin % | 26.5% | 25.2% | 25.2% | 24.5% R | 24.8% R | 23.1% |
| Net income attributable to shareholders | 12,843 | 5,068 | 4,672 | 3,984 | 1,472 | 3,657 |
Source: IHC financial statements
- R Restated or reclassified
- Not available
Totals may not add up because of rounding.
Arrows show direction of change only, not whether a change is good or bad.
Revenue was AED 31.4 billion in Q1 2026, up 33.2%, and gross margin was 25.2%. The 2026 reports re-present the Q1 2025 and Q2 2025 comparatives. Those quarters show revenue of AED 23.6 billion and AED 24.6 billion, and gross margins of 24.8% and 24.5%.
Q3 2025 and Q3 2024 are as printed in the interim statements for the nine months to 30 Sep 2025, before the re-presentation. Revenue was AED 29.9 billion in Q3 2025 and AED 22.2 billion in Q3 2024, up 34.6%. Gross margin was 25.2% against 23.1%. This page draws no change from Q2 2025 to Q3 2025, because the two quarters sit on different bases.
Net income attributable to owners was AED 12.8 billion in Q2 2026, AED 5.07 billion in Q1 2026 and AED 4.67 billion in Q3 2025. It includes discontinued operations in the periods that had them. The income statement also carries investment and other income below gross profit, which this page does not break down.
How did IHC's net debt change over the three quarter-ends from 30 Sep 2025 to 30 Jun 2026?
IHC's net debt, our calculation, was AED 26.2 billion at 30 Jun 2026, the end of Q2 2026. That is AED 99.1 billion of total debt less AED 72.9 billion of cash and bank balances. It was AED 19.3 billion at 31 Mar 2026 and AED 33.3 billion at 30 Sep 2025, according to its interim financial statements.
| AED m | Q2 2026at | Q1 2026at | Q3 2025at | Q2 2025at | Q1 2025at |
|---|---|---|---|---|---|
| Cash and short-term investments | 72,864 | 74,724 | 56,903 | not available | not available |
| Total debt | 99,065 D | 94,044 D | 90,235 D | not available | not available |
| Net debt / (net cash) | 26,201 D | 19,320 D | 33,331 D | not available | not available |
Source: IHC financial statements
- D Total debt = short-term debt + long-term debt, from the same filing.
- D Net debt = total debt minus cash and short-term investments; a negative value is net cash.
- Not available
Total debt was AED 94.0 billion at 31 Mar 2026 and AED 90.2 billion at 30 Sep 2025. Cash and bank balances were AED 74.7 billion and AED 56.9 billion at those dates. Net debt fell from September to March as cash rose faster than debt, then rose to June as debt grew and cash eased. This page gives no reason for these moves.
Cash here is the balance sheet line of cash and bank balances, which includes term deposits, restricted cash and clients' deposits. Total debt is borrowings plus sukuks and hybrid notes, current and non-current, and leaves out lease liabilities.
The 31 Mar 2025 and 30 Jun 2025 cells are blank. The quarterly table skips 31 Dec 2025, which the annual balance sheet on the IHC financial statements page shows.
Which of IHC's FY2024 and 2025 income figures have been re-presented in later reports?
IHC first printed FY2024 revenue of AED 92.7 billion in its FY2024 annual financial statements. Its FY2025 annual financial statements show a lower FY2024 figure. They present the results of Modon Holding, which the group disposed of in 2025, as discontinued operations.
| AED m | Q2 2026ended | Q1 2026ended | Q2 2025ended | Q1 2025ended |
|---|---|---|---|---|
| Revenue | 33,411 | 31,445 | 24,610 R | 23,609 R |
| Cost of revenue | 24,560 | 23,522 | 18,574 R | 17,746 R |
| Gross profit | 8,850 | 7,923 | 6,036 R | 5,863 R |
| SG&A | 3,760 D | 3,436 D | 2,238 R D | 2,028 R D |
| Pre-tax income | 19,030 | 8,994 | 6,473 R | 3,527 R |
| Income tax | 992 | 807 | 575 R | 552 R |
Source: IHC financial statements
- D Combined from line items reported in the same filing (see Methodology).
- R Restated or reclassified
Totals may not add up because of rounding.
| AED m | FY2025ended | FY2024ended | FY2023ended | FY2022ended | FY2021ended |
|---|---|---|---|---|---|
| Revenue | 111,401 | 86,315 R | 60,089 | 50,946 | 28,562 |
| Cost of revenue | 82,278 | 66,039 R | 47,049 | 39,269 | 18,387 R |
| Gross profit | 29,123 | 20,276 R | 13,040 | 11,677 | 10,176 R |
| SG&A | 12,422 D | 8,166 R D | 6,621 D | 8,047 R D | 2,373 D |
| Pre-tax income | 34,432 | 21,615 R | 33,810 | 32,660 | 11,590 |
| Income tax | 2,024 | 888 R | 856 | 89 | 13 |
Source: IHC financial statements
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 92,658 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 71,483 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 18,395 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 21,175 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 10,167 m in IHC financial statements approved .
- D Combined from line items reported in the same filing (see Methodology).
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 9,239 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 8,225 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 26,674 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 973 m in IHC financial statements approved .
Totals may not add up because of rounding.
FY2024 gross profit was first printed as AED 21.2 billion and cost of revenue as AED 71.5 billion. Both are lower in the FY2025 statements. General, administrative and selling expenses were first printed as AED 9.24 billion, pre-tax profit as AED 26.7 billion and tax as AED 973 million. Each of these three lines is lower in the later statements.
The 2026 interim reports re-present Q1 2025 and Q2 2025 on the same basis. Revenue is AED 23.6 billion and AED 24.6 billion in those quarters, and pre-tax profit AED 3.53 billion and AED 6.47 billion. The interim statements for the nine months to 30 Sep 2025 stay on the earlier basis. The page therefore derives no fourth-quarter figure for 2024 or 2025.
Earlier changes were smaller: FY2021 cost of revenue is AED 18,387 million against AED 18,395 million first printed. FY2022 general, administrative and selling expenses are AED 8,047 million against AED 8,225 million.
Revenue for FY2021 to FY2023 carries no restatement marker, and net income attributable to owners carries none in any year. The Financials page marks each restated cell R. The Emaar Properties stock fundamentals page covers a UAE-listed property developer.
How we got these numbers
Every figure comes from IHC's published financial statements. Derived values are marked D and explained below.
Full method for this page
- Source documents
- Interim and annual financial statements (FY2021 to Q2 2026)
- Period covered
- 6 quarters and 5 fiscal years
- Calculations
- TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
- Restatements
- FY2021 cash from operations, an input of the fundamentals profile, was restated or reclassified in IHC financial statements approved (originally AED 12,703 m). FY2022 cash from operations, an input of the fundamentals profile, was restated or reclassified in IHC financial statements approved (originally AED 17,440 m). FY2023 cash from operations, an input of the fundamentals profile, was restated or reclassified in IHC financial statements approved (originally AED 7,307 m). FY2024 cash from operations, an input of the fundamentals profile, was restated or reclassified in IHC financial statements approved (originally AED 11,553 m). FY2024 revenue, an input of the fundamentals profile, was restated or reclassified in IHC financial statements approved (originally AED 92,658 m). Restated or reclassified figures carry the R marker; its footnote gives the originally reported value.
- Comparator
- Each profile row compares the current value with IHC's own last five fiscal years, FY2021 to FY2025: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
- Currency
- As reported (AED); no FX conversion.
- Re-keying
- Figures keyed from the issuer's published statements (PDF) with our entry tool, then checked by code against the PDF's own text (the figure on its cited page, in the row with its printed label) and by our fact-check step. The column and the sign are recorded, and lists any mismatch for review.
Latest filings and disclosures
The financial statements behind IHC's figures, newest first.
(opens in new tab)- Issuer statement IHC interim financial statements, H1 2026 ihccms.directus.app
- Issuer statement IHC interim financial statements, Q1 2026 ihccms.directus.app
- Issuer statement IHC annual financial statements, FY2025 ihccms.directus.app
- Issuer statement IHC interim financial statements, M9 2025 ihccms.directus.app
- Issuer statement IHC annual financial statements, FY2024 ihccms.directus.app
- Issuer statement IHC annual financial statements, FY2023 ihccms.directus.app
- Issuer statement IHC annual financial statements, FY2022 ihccms.directus.app
- Issuer statement IHC annual financial statements, FY2021 ihccms.directus.app
Company identifiers
- Legal name
- International Holding Company PJSC
- Exchange
- ADX
- Ticker
- IHC
- Sector
- Industrials
- Country
- United Arab Emirates
- Fiscal year end
- 31 December
- Reporting currency
- AED
- Accounting standard
- IFRS
- Latest filing in this page's data
- IHC interim financial statements, H1 2026 · approved
- Investor relations
- ihcuae.com
Sources and data
Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).
(opens in new tab)- [1] Issuer statement IHC interim financial statements, H1 2026
- [2] Issuer statement IHC interim financial statements, Q1 2026
- [3] Issuer statement IHC annual financial statements, FY2025
- [4] Issuer statement IHC interim financial statements, M9 2025
- [5] Issuer statement IHC annual financial statements, FY2024
- [6] Issuer statement IHC annual financial statements, FY2023
- [7] Issuer statement IHC annual financial statements, FY2022
- [8] Issuer statement IHC annual financial statements, FY2021
- [9] Our dataset Keyed from IHC's FY2025 financial statements (PDF) and checked by code against the PDF's text; signed off on .
Cite this page
StockFactsheet (2026). "IHC (ADX: IHC) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/ihc-adx/
For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer
Update history
- Published First published version.