UAE: Emirates Stallions Group reports 128 pc growth in operational profit in H1 2024
Jul 26, 2024
Abu Dhabi [UAE], July 26 (ANI/WAM): Emirates Stallions Group (ESG), a subsidiary of International Holding Company (IHC), today announced a remarkable operational profit of AED119 million for the first half of 2024, achieving a growth of 128 per cent year-on-year (YoY).
The Group reported a substantial revenue increase to AED640 million, an impressive 140 per cent year-on-year rise driven by organic growth and strategic expansion.
ESG's total assets continued to expand, reaching AED3.38 billion, a 10 per cent increase YoY. This growth underscores the Group's ongoing focus on expansion, portfolio development, and its long-term investment strategy. Highlighting its strong financial position, ESG's total equity has risen to AED2.4 billion, reflecting a 5 per cent uptick YoY. Additionally, the company's book value per share stands at AED9.59, a 5 per cent growth YoY.
Matar Suhail Ali Al Yabhouni Aldhaheri, Chairman of ESG, said, "ESG has forged ahead swiftly and decisively in 2024, with our growth in gross profit this period highlighting our relentless ambition and the robust fundamentals of our business. This unprecedented growth reflects our commitment to operational optimisation and our pursuit of excellence across all verticals. As we continue to explore new opportunities, particularly in future-focused sectors, we are uniquely positioned to refine and redefine our competitive edge."
Kayed Ali Khorma, CEO of ESG, said, "Our growth in revenue and operational profit in the first half of this year marks another significant financial milestone in a series of recent achievements for the Group. These accomplishments reflect our ability to swiftly connect our leading business propositions to growth opportunities that deliver value for our shareholders and contribute to the UAE economy. As we look ahead to the remainder of the year, our robust financial position provides a solid foundation to enhance our market-leading capabilities and achieve even greater success." (ANI/WAM)
