Ittihad Delivers Strong H1 Results Amid Regional Disruption
Ittihad International Investment LLC, a leading diversified industrial conglomerate in the UAE, reported strong financial results for the six months ended June 30, 2026. The Group recorded revenue of USD 1,959.6 million, up 16.2% year-on-year, and adjusted EBITDA of USD 113.9 million, up 37.4% year-on-year.
The Group's Infrastructure and Building Materials Manufacturing segment saw a standout performance, with EBITDA growth of 72.9% year-on-year to USD 53.9 million. This was driven by continued structural demand across copper, steel, and cement, as well as the rerouting of copper sales to regional markets at higher premiums following the Strait of Hormuz disruption.
The Group's Consumer Goods Manufacturing segment delivered EBITDA growth of 32.2% year-on-year to USD 33.8 million in H1 2026, driven by tissue and detergents revenue growth on higher prices. However, paper EBITDA declined due to reduced access to key export markets.
The Group's Business Services segment saw a decline in EBITDA of 5.1% year-on-year to USD 28.4 million, but the backlog and project pipeline remain strong, with growth expected to resume in H2 2026.
The Group continued its multi-year deleveraging trajectory in H1 2026, with Gross Debt/Adjusted EBITDA improving to 4.3x on an LTM basis, from 4.4x at FY2025 year-end. The Group also upsized its senior unsecured sustainability-linked revolving credit facility (RCF) from USD 450 million to USD 540 million during the year.