Abu Dhabi-based International Holding Company (IHC) today (August 5) reported a sharp increase in its profit for the first half, supported by higher revenue across several business segments and gains from its investment portfolio.

Profit after tax for the six months ended June 30 rose to AED26.2 billion ($7.13 billion), compared with AED8.9 billion a year earlier. Revenue increased 34.5% year-on-year to AED64.9 billion.

Gross profit rose 41% to AED16.8 billion, while profit before tax climbed 180.2% to AED28 billion. Earnings per share increased to AED8.21 from the year-earlier period.

Announcing the H1 results, IHC said its revenue growth was mainly driven by its energy and mining, hospitality and leisure, real estate and construction, financial services and technology businesses.

Real estate and construction remained IHC's largest business by revenue, contributing AED20.9 billion, up 10.4% from a year earlier. Marine and dredging revenue rose 4.5% to AED14.7 billion, while energy and mining generated AED12.3 billion, supported by growth in minerals, metals and hydrocarbon trading, the company said.

Hospitality and leisure revenue more than doubled to AED5.2 billion, financial services revenue increased 62.8% to AED3 billion, food revenue rose 26.9% to AED3.4 billion and technology revenue gained 35.2% to AED1.9 billion.

IHC said first-half profit also benefited from investment income within its financial services business, reflecting returns from its investment holding activities and portfolio management.

Total assets increased 9.6% to AED469.7 billion at the end of June, while total equity rose 7% to AED268.3 billion. Cash and bank balances stood at AED72.9 billion.