Emirates Stallions Group Reports 128% YoY Growth in Operational Profit for H1 2024
Emirates Stallions Group (ADX: ESG), a leading conglomerate with operations in Workforce Solutions, Construction, and Real Estate, and a subsidiary of International Holding Company (ADX: IHC), has announced an outstanding 128% year-on-year increase in operational profit for the first half of 2024, reaching AED 119 million. This remarkable performance surpasses estimates and highlights the Group's rapid expansion and strategic success.
In addition to the significant profit growth, ESG reported a substantial revenue increase of 140% year-on-year, totaling AED 640 million. This surge in revenue reflects both organic growth and strategic portfolio expansion, which has been pivotal to the Group's impressive financial results.
The Group's total assets grew to AED 3.38 billion, marking a 10% increase from December 2023, while total equity rose to AED 2.4 billion, a 5% increase over the same period. The book value per share also saw a 5% rise, reaching AED 9.59.
Matar Suhail Ali Al Yabhouni Aldhaheri, Chairman of ESG, commented: “Our swift progress in 2024 underscores our commitment to operational optimization and excellence. The significant growth in gross profit reflects our business's solid fundamentals and our pursuit of excellence across all sectors. We are well-positioned to continue exploring new opportunities, particularly in future-focused sectors, as we refine our competitive edge.”
Kayed Ali Khorma, CEO of ESG, added: “The substantial increase in revenue and operational profit this year marks a major milestone for the Group. These achievements demonstrate our capability to align our business propositions with growth opportunities, creating value for shareholders and contributing to the UAE economy. Our strong financial position provides a solid foundation for further enhancing our market-leading capabilities and achieving greater success in the coming months.”
As ESG looks to the future, the Group remains committed to sustainable growth, operational excellence, and strategic expansion, aiming to continue delivering exceptional value to shareholders and clients alike.
