IHC (IHC) financial statements: income, balance sheet and cash flow
ADX: IHC · Industrials · United Arab Emirates
In brief
IHC (ADX: IHC) earned net income attributable to owners of AED 12.8 billion on revenue of AED 33.4 billion in Q2 2026, the quarter ended 30 Jun 2026, according to its interim financial statements. Total debt stood at AED 99.1 billion and cash and bank balances at AED 72.9 billion at 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.
What the numbers show
IHC's income statement for Q2 2026, the quarter ended 30 Jun 2026, shows revenue of AED 33.4 billion, up 35.8% on the re-presented Q2 2025. Gross profit was AED 8.85 billion, a gross margin of 26.5%, our calculation. Net income attributable to owners was AED 12.8 billion, a net margin of 38.4%, our calculation, which includes investment and other income that are not part of revenue.
Q1 2025 and Q2 2025 are re-presented in the 2026 reports, and Q3 2025 and Q3 2024 are as printed in the nine-month 2025 report. The quarterly table therefore mixes two bases and has no fourth-quarter column. Net income includes discontinued operations in the periods that had them, and investment and other income, so the net margin reflects items outside revenue.
Over the annual run, revenue rose from AED 28.6 billion in FY2021 to AED 60.1 billion in FY2023. FY2024 and FY2025 revenue is on a continuing-operations basis, while FY2023 and earlier revenue is as first printed. Growth from FY2023 to FY2024 therefore compares two bases. Net income was AED 21.7 billion in FY2025, AED 15.8 billion in FY2024 and AED 27.5 billion in FY2023.
IHC's balance sheet held total assets of AED 470 billion at 30 Jun 2026, against AED 429 billion at the end of FY2025. Cash and bank balances, which include term deposits and restricted cash, were AED 72.9 billion. Total debt, combined by the page from borrowings, sukuks and hybrid notes, was AED 99.1 billion, so net debt, our calculation, was AED 26.2 billion. Net debt was AED 8.80 billion at the end of FY2025.
In IHC's cash flow statement for Q1 2026, cash from operations was AED 2.61 billion and capital expenditure, additions to property, plant and equipment only, AED 964 million. Free cash flow, our calculation, was AED 1.65 billion. Q2 2026 cash from operations was an outflow of AED 22 million, and free cash flow an outflow of AED 1.33 billion. An interim report gives cash flows year to date, so the Q2 cells are our derivations, marked D.
Diluted EPS was AED 5.89 per share in Q2 2026, against AED 1.82 per share in Q2 2025. The diluted count was 2,181 million shares against 2,187 million shares. IHC bought back AED 3.80 billion of shares in FY2025 and AED 200 million in Q2 2026. IHC stock fundamentals sets out quarterly revenue, net debt and the restated income lines.
Income statement
IHC quarterly revenue, Q3 2024 to Q2 2026
AED bn · quarters ended to
Annual
| AED m | FY2025ended | FY2024ended | FY2023ended | FY2022ended | FY2021ended | CAGRFY21–FY25 |
|---|---|---|---|---|---|---|
| Revenue | 111,401 | 86,315 R | 60,089 | 50,946 | 28,562 | |
| Revenue YoY % | R | R | not available | |||
| 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 | |
| Gross margin % | 26.1% | 23.5% R | 21.7% | 22.9% | 35.6% R | not available |
| 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 | |
| Net income | 21,715 | 15,766 | 27,523 | 12,653 | 7,339 | |
| Net margin % | 19.5% | 18.3% R | 45.8% | 24.8% | 25.7% | not available |
| Per share | ||||||
| Diluted EPS (AED) | 9.93 | 7.19 | 12.55 | 6.81 | 4.03 | |
| Diluted shares (m) | 2,187 | 2,194 R | 2,194 | 1,859 | 1,821 | not available |
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 Uses FY2024 revenue as restated or reclassified in IHC financial statements approved (AED 86,315 m; originally reported AED 92,658 m in IHC financial statements approved ).
- R Uses FY2024 revenue as restated or reclassified in IHC financial statements approved (AED 86,315 m; 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 .
- R Uses FY2024 gross profit as restated or reclassified in IHC financial statements approved (AED 20,276 m; originally reported AED 21,175 m in IHC financial statements approved ).
- R Uses FY2024 revenue as restated or reclassified in IHC financial statements approved (AED 86,315 m; originally reported AED 92,658 m in IHC financial statements approved ).
- R Uses FY2021 gross profit as restated or reclassified in IHC financial statements approved (AED 10,176 m; 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 .
- R Restated or reclassified in IHC financial statements approved ; originally reported 2,193 m shares in IHC financial statements approved .
- Not available
CAGR: compound annual growth rate from FY2021 to FY2025, our calculation; n/m when the endpoints differ in sign or the base is zero or negative.
Totals may not add up because of rounding.
Arrows show direction of change only, not whether a change is good or bad.
Quarterly
| 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 | |
| Cost of revenue | 24,560 | 23,522 | 22,358 | 18,574 R | 17,746 R | 17,073 |
| Gross profit | 8,850 | 7,923 | 7,544 | 6,036 R | 5,863 R | 5,143 |
| Gross margin % | 26.5% | 25.2% | 25.2% | 24.5% R | 24.8% R | 23.1% |
| SG&A | 3,760 D | 3,436 D | 3,601 D | 2,238 R D | 2,028 R D | 1,929 D |
| Pre-tax income | 19,030 | 8,994 | 9,333 | 6,473 R | 3,527 R | 5,948 |
| Income tax | 992 | 807 | 635 | 575 R | 552 R | 263 |
| Net income | 12,843 | 5,068 | 4,672 | 3,984 | 1,472 | 3,657 |
| Net margin % | 38.4% | 16.1% | 15.6% | 16.2% R | 6.2% R | 16.5% |
| Per share | ||||||
| Diluted EPS (AED) | 5.89 | 2.32 | 2.14 | 1.82 | 0.67 | 1.67 |
| Diluted shares (m) | 2,181 | 2,181 | 2,187 | 2,187 | 2,190 | 2,194 |
Source: IHC financial statements
- D Combined from line items reported in the same filing (see Methodology).
- 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.
Balance sheet
Annual
| AED m | FY2025at | FY2024at | FY2023at | FY2022at | FY2021at |
|---|---|---|---|---|---|
| Cash and short-term investments | 74,859 | 55,212 | 33,919 | 37,230 | 20,247 |
| Receivables | 47,375 R | 45,122 R | 25,461 | 26,140 | 11,210 R |
| Inventory | 14,196 | 42,954 | 15,322 | 13,001 | 899 |
| PP&E (net) | 31,567 | 35,291 | 20,886 | 19,502 | 9,334 R |
| Goodwill and intangibles | 26,798 | 16,499 | 9,947 | 11,616 | 2,443 |
| Total assets | 428,602 | 401,811 | 264,275 | 228,034 | 88,980 |
Source: IHC financial statements
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 48,632 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 44,943 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 11,213 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 9,307 m in IHC financial statements approved .
Totals may not add up because of rounding.
| AED m | FY2025at | FY2024at | FY2023at | FY2022at | FY2021at |
|---|---|---|---|---|---|
| Total debt | 83,654 D | 71,757 D | 48,473 R D | 39,949 D | 8,408 R D |
| Shareholders' equity | 154,657 D 1 | 147,962 D 1 | 97,054 D 1 | 69,676 D 1 | 27,094 |
| Net debt / (net cash) | 8,795 D | 16,545 D | 14,555 R D | 2,718 D | −11,839 R D |
Source: IHC financial statements
- D Total debt = short-term debt + long-term debt, from the same filing.
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 48,438 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 8,457 m in IHC financial statements approved .
- D Combined from line items reported in the same filing (see Methodology).
- D Net debt = total debt minus cash and short-term investments; a negative value is net cash.
- R Uses FY2023 total debt as restated or reclassified in IHC financial statements approved (AED 48,473 m; originally reported AED 48,438 m in IHC financial statements approved ).
- R Uses FY2021 total debt as restated or reclassified in IHC financial statements approved (AED 8,408 m; originally reported AED 8,457 m in IHC financial statements approved ).
1 Includes other equity instruments, such as hybrid instruments, which the statements present in equity next to the equity attributable to the owners of the Company.
Totals may not add up because of rounding.
Quarterly
| AED m | Q2 2026at | Q1 2026at | Q3 2025at | Q2 2025at | Q1 2025at | Q3 2024at |
|---|---|---|---|---|---|---|
| Cash and short-term investments | 72,864 | 74,724 | 56,903 | not available | not available | not available |
| Receivables | 56,826 | 49,283 | 58,611 | not available | not available | not available |
| Inventory | 19,060 | 17,735 | 43,378 | not available | not available | not available |
| PP&E (net) | 32,451 | 31,849 | 39,157 | not available | not available | not available |
| Goodwill and intangibles | 27,232 | 27,355 | 24,497 | not available | not available | not available |
| Total assets | 469,667 | 445,322 | 462,141 | not available | not available | not available |
Source: IHC financial statements
- Not available
Totals may not add up because of rounding.
| AED m | Q2 2026at | Q1 2026at | Q3 2025at | Q2 2025at | Q1 2025at | Q3 2024at |
|---|---|---|---|---|---|---|
| Total debt | 99,065 D | 94,044 D | 90,235 D | not available | not available | not available |
| Shareholders' equity | 165,929 | 151,614 | 146,247 D 1 | not available | not available | not available |
| Net debt / (net cash) | 26,201 D | 19,320 D | 33,331 D | not available | not available | not available |
Source: IHC financial statements
- D Total debt = short-term debt + long-term debt, from the same filing.
- D Combined from line items reported in the same filing (see Methodology).
- D Net debt = total debt minus cash and short-term investments; a negative value is net cash.
- Not available
1 Includes other equity instruments, such as hybrid instruments, which the statements present in equity next to the equity attributable to the owners of the Company.
Totals may not add up because of rounding.
Cash flow
IHC quarterly free cash flow, Q3 2024 to Q2 2026
AED bn · quarters ended to
Annual
| AED m | FY2025ended | FY2024ended | FY2023ended | FY2022ended | FY2021ended |
|---|---|---|---|---|---|
| Cash from operations | 19,440 | 12,370 R | 7,258 R | 16,279 R | 12,686 R |
| Capital expenditure | −5,606 | −6,287 | −3,864 | −5,361 | −932 |
| Free cash flow | 13,834 D | 6,083 R D | 3,393 R D | 10,918 R D | 11,754 R D |
| Share buybacks | −3,801 | −1,199 | 0 | not available | not available |
| Cash from investing | −25,908 | −7,843 R | −17,785 | −31,260 R | 678 R |
| Cash from financing | 2,829 | 17,321 | 3,844 R | 20,155 R | 358 |
Source: IHC financial statements
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 11,553 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 7,307 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 17,440 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 12,703 m in IHC financial statements approved .
- D Free cash flow = cash from operations minus capital expenditure.
- R Uses FY2024 cash from operations as restated or reclassified in IHC financial statements approved (AED 12,370 m; originally reported AED 11,553 m in IHC financial statements approved ).
- R Uses FY2023 cash from operations as restated or reclassified in IHC financial statements approved (AED 7,258 m; originally reported AED 7,307 m in IHC financial statements approved ).
- R Uses FY2022 cash from operations as restated or reclassified in IHC financial statements approved (AED 16,279 m; originally reported AED 17,440 m in IHC financial statements approved ).
- R Uses FY2021 cash from operations as restated or reclassified in IHC financial statements approved (AED 12,686 m; originally reported AED 12,703 m in IHC financial statements approved ).
- R Restated or reclassified in IHC financial statements approved ; originally reported AED −7,026 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED −33,489 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 2,499 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 3,848 m in IHC financial statements approved .
- R Restated or reclassified in IHC financial statements approved ; originally reported AED 21,222 m in IHC financial statements approved .
- Not available
Totals may not add up because of rounding.
Quarterly
| AED m | Q2 2026ended | Q1 2026ended | Q3 2025ended | Q2 2025ended | Q1 2025ended | Q3 2024ended |
|---|---|---|---|---|---|---|
| Cash from operations | −22 D | 2,612 | −855 D | 6,349 D | 3,612 | not available |
| Capital expenditure | −1,307 D | −964 | −1,360 D | −1,196 D | −1,381 | not available |
| Free cash flow | −1,329 D | 1,648 D | −2,215 D | 5,153 D | 2,231 D | not available |
| Share buybacks | −200 D | 0 | 0 D | 0 D | −1,621 | not available |
| Cash from investing | 3,679 D | −2,383 | −8,883 D | −4,793 D | −5,137 | not available |
| Cash from financing | 1,991 D | 2,336 | 3,280 D | 3,648 D | 110 | not available |
Source: IHC financial statements
- D Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
- D Free cash flow = cash from operations minus capital expenditure.
- Not available
Totals may not add up because of rounding.
Per share and dividends
Notes on these figures
- R Restated or reclassified
- Restated or reclassified in IHC financial statements approved ; originally reported AED 92,658 m in IHC financial statements approved .
- Uses FY2024 revenue as restated or reclassified in IHC financial statements approved (AED 86,315 m; originally reported AED 92,658 m in IHC financial statements approved ).
- Uses FY2024 revenue as restated or reclassified in IHC financial statements approved (AED 86,315 m; originally reported AED 92,658 m in IHC financial statements approved ).
- Restated or reclassified in IHC financial statements approved ; originally reported AED 71,483 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 18,395 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 21,175 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 10,167 m in IHC financial statements approved .
- Uses FY2024 gross profit as restated or reclassified in IHC financial statements approved (AED 20,276 m; originally reported AED 21,175 m in IHC financial statements approved ).
- Uses FY2024 revenue as restated or reclassified in IHC financial statements approved (AED 86,315 m; originally reported AED 92,658 m in IHC financial statements approved ).
- Uses FY2021 gross profit as restated or reclassified in IHC financial statements approved (AED 10,176 m; originally reported AED 10,167 m in IHC financial statements approved ).
- Restated or reclassified in IHC financial statements approved ; originally reported AED 9,239 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 8,225 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 26,674 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 973 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported 2,193 m shares in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 48,632 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 44,943 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 11,213 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 9,307 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 48,438 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 8,457 m in IHC financial statements approved .
- Uses FY2023 total debt as restated or reclassified in IHC financial statements approved (AED 48,473 m; originally reported AED 48,438 m in IHC financial statements approved ).
- Uses FY2021 total debt as restated or reclassified in IHC financial statements approved (AED 8,408 m; originally reported AED 8,457 m in IHC financial statements approved ).
- Restated or reclassified in IHC financial statements approved ; originally reported AED 11,553 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 7,307 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 17,440 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 12,703 m in IHC financial statements approved .
- Uses FY2024 cash from operations as restated or reclassified in IHC financial statements approved (AED 12,370 m; originally reported AED 11,553 m in IHC financial statements approved ).
- Uses FY2023 cash from operations as restated or reclassified in IHC financial statements approved (AED 7,258 m; originally reported AED 7,307 m in IHC financial statements approved ).
- Uses FY2022 cash from operations as restated or reclassified in IHC financial statements approved (AED 16,279 m; originally reported AED 17,440 m in IHC financial statements approved ).
- Uses FY2021 cash from operations as restated or reclassified in IHC financial statements approved (AED 12,686 m; originally reported AED 12,703 m in IHC financial statements approved ).
- Restated or reclassified in IHC financial statements approved ; originally reported AED −7,026 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED −33,489 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 2,499 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 3,848 m in IHC financial statements approved .
- Restated or reclassified in IHC financial statements approved ; originally reported AED 21,222 m in IHC financial statements approved .
- D Derived by StockFactsheet
- Combined from line items reported in the same filing (see Methodology).
- Total debt = short-term debt + long-term debt, from the same filing.
- Combined from line items reported in the same filing (see Methodology).
- Net debt = total debt minus cash and short-term investments; a negative value is net cash.
- Free cash flow = cash from operations minus capital expenditure.
- Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
- Template: standard statement set (not bank or insurer).
- Arrows show direction of change only, not whether a change is good or bad.
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. CAGR = compound annual growth across the annual table.
- Restatements
- FY2024 revenue, an input of the FY2024 ratio, was restated or reclassified in IHC financial statements approved (originally AED 92,658 m). FY2024 gross profit, an input of the FY2024 ratio, was restated or reclassified in IHC financial statements approved (originally AED 21,175 m). FY2021 gross profit, an input of the FY2021 ratio, was restated or reclassified in IHC financial statements approved (originally AED 10,167 m). FY2023 total debt, an input of the FY2023 ratio, was restated or reclassified in IHC financial statements approved (originally AED 48,438 m). FY2021 total debt, an input of the FY2021 ratio, was restated or reclassified in IHC financial statements approved (originally AED 8,457 m). FY2024 cash from operations, an input of the FY2024 ratio, was restated or reclassified in IHC financial statements approved (originally AED 11,553 m). FY2023 cash from operations, an input of the FY2023 ratio, was restated or reclassified in IHC financial statements approved (originally AED 7,307 m). FY2022 cash from operations, an input of the FY2022 ratio, was restated or reclassified in IHC financial statements approved (originally AED 17,440 m). FY2021 cash from operations, an input of the FY2021 ratio, was restated or reclassified in IHC financial statements approved (originally AED 12,703 m). Restated or reclassified figures carry the R marker; its footnote gives the originally reported value.
- Comparator
- None: this page shows the company's own figures only.
- 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.
CSV downloads
One file per statement, with the annual and quarterly figures on this page in full units.
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 Q2 2026 financial statements (PDF) and checked by code against the PDF's text; signed off on .
Cite this page
StockFactsheet (2026). "IHC (IHC) financial statements: income, balance sheet and cash flow." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/ihc-adx/financials/
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.