Emirates Stallions Group (ESG), a subsidiary of International Holding Company (IHC), has announced an operational profit of AED119 million ($32 million) for the first half of 2024, achieving a growth of 128% year-on-year (YoY), a report said.

The group, which operates across core investments, construction, and real estate sectors, reported a substantial revenue increase to AED640 million, an impressive 140% year-on-year rise driven by organic growth and strategic expansion, Emirates News Agency, WAM, said.

ESG's total assets continued to expand, reaching AED3.38 billion, a 10% increase YoY. This growth underscores the its 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% uptick YoY. Additionally, the company’s book value per share stands at AED9.59, a 5% 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.

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.”