From GlobeNewswire: 2024-05-17 07:00:00

Ittihad International Investment LLC announces its Full Year 2023 Financial Results, with $2.8 billion in revenue and $138.7 million in Adjusted EBITDA. The company successfully launched a 5NC2 debut Sukuk, raised $350 million, and focused on deleveraging the business. Ittihad’s strong balance sheet positions it for continued growth and strategic M&A opportunities.

Operational highlights include strong margin growth in Infrastructure and Building Materials Manufacturing, margin compression in Consumer Goods Manufacturing, and a new tissue mill project in Saudi Arabia. Ittihad also saw double-digit EBITDA growth in Business Services and introduced robotic camera technology for sewage network services. The company acquired a waste collection company in Saudi Arabia for regional expansion.

Looking ahead, Ittihad plans to focus on organic growth, expand into Saudi Arabia in consumer goods and business services, and aim for a medium-term leverage target of 2.5x – 3.0x. The company is well-positioned for strategic M&A opportunities and is committed to ongoing investment plans. CEO Amer Kakish highlights Ittihad’s resilience and growth amidst challenging economic conditions, emphasizing organic growth and ongoing investments.



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