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The diversified property portfolio of IHI was key in enabling it to grow its EBITDA year-on-year and this was achieved despite the Libyan Civil War break out. Evidently, the pandemic has significantly impacted IHI, however this was mitigated by the immediate cost control actions taken by the Group.Following discussions with senior management, we were assured that during FY20 the Group was able to renegotiate financing facilities and also secure new loans on beneficial terms. Additionally, we believe that the recently developed COVID-19 vaccine will aid in the recovery of the general economy and the demand for tourism, which strengthens the argument that the Group should fully recover by FY23.
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