Ethmar International Holding (EIH), a major investment holding company headquartered in Abu Dhabi, has recorded significant profits during the first half of 2023.
Ethmar has interests in a wide range of sectors, including energy, real estate, investment, technology, healthcare, and sports.
Unveiling the results for the six-month period ended June 30, 2023, EIH said its net profit surged to AED445 million ($121 million) for H1 compared to AED24 million ($6.5 million) last year, thus registering an increase of AED421 million ($114 million).
This remarkable growth reflects the continuous efforts of EIH to diversify its revenue sources, which will further consolidate its position as a successful holding company, it stated.
The total assets of EIH have also increased significantly, from AED77.7 million at the end of 2022 to over AED2.23 billion at the end of the first half of 2023.
Additionally, there has been a significant increase in total equity, reporting approximately AED1.35 billion, compared to AED66.3 million during the same period last year.
Managing Director and Group CEO Ali El Gebely said: "With exceptional and successful positive results in the first half, Ethmar International proudly showcases its strong and resilient business performance across all sectors, further solidifying its position as a key player in the region."
"Committed to providing a thriving and prosperous business environment, EIH aligns its investment strategies with the principles of development, diversity, and governance, adhering to the highest standards and international best practices," stated El Gebely.
"Each opportunity pursued by EIH is thoughtfully chosen to create significant value, contribute to the economy, and prioritize the best interests of its esteemed investors. These remarkable achievements underscore EIH's innovative and visionary approach, setting new industry standards and paving the way for continued success," he added.-TradeArabia News Service
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