International Holding Company (IHC), the Abu Dhabi-based industrial conglomerate, reported a second-quarter net profit of $3.5 billion, marking a more than 200% increase from the same period last year.
The surge was primarily driven by a 355% leap in revenue from its energy and mining segments during the first half of the year, reflecting robust demand and pricing in key commodity markets.
Similarly, First Abu Dhabi Bank (ADIB), the UAE’s largest lender, posted a 4% rise in second-quarter net profit to $5.
The results highlight the continued tailwinds for Gulf-based industrial and energy firms amid sustained commodity prices.
IHC’s performance mirrors a broader trend of strong earnings across the region’s major listed entities.
Earlier this week, Saudi Aramco reported a significant jump in second-quarter profits, driven by elevated crude oil prices amid ongoing geopolitical tensions in the Middle East.
Similarly, First Abu Dhabi Bank (ADIB), the UAE’s largest lender, posted a 4% rise in second-quarter net profit to $5.72 billion, benefiting from a resilient domestic economy.