Emirates Stallions Group, a leading conglomerate operating across the workforce solutions, construction and real estate sectors, and a subsidiary of International Holding Company, has announced a leap in its operational profit for the first nine months which rose to AED151.78 million, up 69% over last year, while its revenue soared to hit AED900.5 million ($245 million).

 

Announcing the results today (October 28), Emirates Stallions said its robust financial performance reflects the strength of its business fundamentals as well as the pace at which the Group is continuing to deliver on its strategic objectives. 

 

Going further, the Group has reported a substantial revenue increase of 125% year-on-year propelled by organic growth and strategic expansion.

 

Gross profit more than doubled from the same period last year, growing by 221% to hit AED304.02 million from AED94.67 million. 

 

Emirates Stallions continues to expand, with total assets reaching AED3.455 billion, marking a 13 percent increase compared to December 2023 where total assets stood at AED 3.061 billion.

 

At present, the Emirati group has been focused on activities that are delivering short-term impact and long-term value creation. 

 

The Group has made significant advances to strategically expand its portfolio and to invest in organic and inorganic growth opportunities. This is reflected in its strong financial position, where ESG’s total equity has risen to AED2.43 billion, a 6 percent increase compared to December 2023. Additionally, the company’s book value per share stands at AED9.74, representing a 6 percent increase compared to December 2023, it stated.

 

On the key results, Chairman Matar Suhail Ali Al Yabhouni Aldhaheri said: "This has been another memorable quarter for ESG, with our significant growth in revenue showing full well how active we’ve been across many areas. Throughout the quarter, we’ve keenly explored new possibilities arising from the dynamic sectors where we operate, and we’ve applied our financial strength to transform these into opportunities for meaningful growth."

 

"2024 is shaping up to be an historic year for ESG, where our relentless ambition and robust fundamentals are taking us further and farther to new horizons that we’ve never been before," he added.

 

CEO Kayed Ali Khorma said the Emirati group's soaring revenue and operational profit gives a true sense of the pace of its growth as well as the strength of business fundamentals. 

 

"Yet, alongside capturing new opportunities, we’ve also worked hard to be leaner, greener, and smarter by prioritizing operational optimization and efficiencies, including technological proliferation across all business functions. As always, we seek to build on our strong financial performance by continuing to identify new possibilities that can bring purposeful impact for all our stakeholders and throughout the sectors where we operate, he added.-TradeArabia News Service