Abu Dhabi's IHC announces $1.4bn share buyback after an 87.6% net profit increase in Q1 2024.
Abu Dhabi's International Holding Company (IHC), the UAE's largest listed company, announced a share buyback programme of up to $1.4bn (5bn dirhams) following an 87.6% increase in its first-quarter net profit for 2024. The buyback, planned over a one-year period, aims to enhance shareholder value by increasing earnings per share. The company's growth in net profit was driven by strong performances across its core sectors, resulting in a 22.5% revenue increase to $19.3bn (19.29bn dirhams) in Q1 2024 compared to Q1 2023.
May 06, 2024
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