Abu Dhabi's <a href="https://ihcuae.com/" target="_blank">International Holding Company</a> said its net profit more than tripled in the first nine months of 2021 from a year ago, boosted by a two-fold increase in gains during the third quarter driven by a series of acquisitions and a strong performance across it subsidiaries. Profit in the nine months to the end of September surged 308 per cent to Dh7.2 billion ($1.96bn) and third-quarter profit doubled to Dh2.87bn ($781.5 million). The multi-sector conglomerate's revenue leapt 297 per cent year-on-year to Dh18.31bn ($5bn) in the nine-month period, while revenue in the third quarter jumped 290 per cent to Dh8.39bn ($2.28bn), it said in a filing to the <a href="https://www.adx.ae/english/pages/NewsDetails.aspx?viewid=20211104174753-IHC" target="_blank">Abu Dhabi Securities Exchange</a>, where the company's shares trade. IHC’s strategic acquisitions strengthened its balance sheet, which reached Dh64.4bn ($17.54bn), surging 356 per cent from Dh14bn ($3.8bn) at the end of December 2020. Its total assets rose by Dh6.1bn ($1.66bn) during the third quarter. "Our investments in the third quarter, including strategic add-on acquisitions, have driven IHC's growth and enhanced our market position and future growth trajectory. These results reflect the underlying strength of our business verticals, particularly in the construction sector, where we have expanded significantly in recent months," Syed Basar Shueb, chief executive officer and managing director of IHC, said. "We continue to maintain a strong appetite for further expansion locally and internationally while retaining specific value creation objectives at the core of our acquisition strategy. There’s more to come for IHC growth, and I believe we have the right strategy in place to unlock the company’s full potential and create significant shareholder value.” IHC's portfolio significantly grew in 2021 as it ramped up its investments and acquisitions across key industries. In April, it completed a <a href="https://www.thenationalnews.com/business/markets/abu-dhabi-s-ihc-completes-45-stake-purchase-in-alpha-dhabi-holding-1.1202501" target="_blank">45 per cent stake purchase in Alpha Dhabi Holding</a>, one of the fastest-growing construction companies in the Middle East. Alpha Dhabi listed on the ADX in June, helping IHC shares surge and pushing the <a href="https://www.thenationalnews.com/business/markets/ihc-shares-surge-on-alpha-listing-pushing-abu-dhabi-stock-market-above-dh1tn-1.1249565" target="_blank">ADX's market value past Dh1 trillion</a> ($272.3bn) for the first time. Last month, IHC's subsidiary Multiply Group, a holding company that invests in tech-focused scalable businesses, <a href="https://www.thenationalnews.com/business/2021/10/12/abu-dhabis-ihc-signs-agreement-to-create-beauty-sector-joint-venture-in-the-uae/" target="_blank">signed a merger agreement</a> with Ben Suhail Group to create a beauty sector joint venture - Omorfia Group - in the UAE. Another Abu Dhabi holding company ADQ, in October <a href="https://www.thenationalnews.com/business/economy/2021/10/03/abu-dhabis-adq-buys-50-stake-in-ihcs-eltizam-asset-management/" target="_blank">bought a 50 per cent stake</a> in IHC unit Eltizam Asset Management. Also in October, Mr Shueb said IHC was <a href="https://www.thenationalnews.com/business/markets/2021/10/15/abu-dhabis-ihc-plans-ipo-for-tech-focused-subsidiary-multiply-this-year/" target="_blank">planning to list Multiply</a> on the ADX later this year. Another IHC subsidiary, Theta Bidco, agreed last month to <a href="https://www.thenationalnews.com/business/markets/2021/10/26/ihc-subsidiary-to-acquire-london-listed-events-services-company-for-98m/" target="_blank">take over UK events services business Arena</a> for a recommended cash offer of Dh359m ($98m). IHC said that its net margin for the nine-month period stood at 39.5 per cent, an increase of 1.04 percentage points year-on-year. Gross profit margin was at 41.2 per cent, up 6.3 percentage points. "Pragmatic business combinations, tactical acquisitions, strategic investments, rational decision-making along with the rapid growth jointly contributed to the strong growth of the diversified company for the period ended September 2021," IHC said in its report to the ADX. "As an emirate, Abu Dhabi also has a positive fiscal outlook for 2021. IHC has played a pivotal role in helping the UAE economy to achieve growth." IHC's portfolio includes more than 200 entities, more than 48,000 employees and operations across seven primary business segments, including real estate, healthcare, food, utilities, industrials, digital and capital. Its footprint spans across the Middle East, Europe and the Americas.