Emirates Stallions Group (ADX: ESG), the leading conglomerate operating across the Workforce Solutions, Construction and Real Estate sectors, and a subsidiary of International Holding Company (ADX: IHC), today announced a leap in operational profit to AED 151.78 million in the first nine months of 2024, achieving a growth of 69% compared to the same period in 2023.
ESG’s 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 to AED 900.52 million, a remarkable 125% year-on-year rise which was propelled by organic growth and strategic expansion.
Gross profit more than doubled from the same period last year, growing by 221% to AED 304.02 million from AED 94.67 million. ESG continues to expand, with total assets reaching AED 3.455 billion, marking a 13% increase compared to December 2023 where total assets stood at AED 3.061 billion.
At present, ESG 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 AED 2.43 billion, a 6% increase compared to December 2023. Additionally, the company’s book value per share stands at AED 9.74, representing a 6% increase compared to December 2023.
Matar Suhail Ali Al Yabhouni Aldhaheri, Chairman of ESG, says: “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.”
Kayed Ali Khorma, CEO of ESG, adds: “ESG’s soaring revenue and operational profit gives a true sense of the pace of our 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.”
Emirate Stallions Group seeks to build on its current momentum by focusing on sustainable growth, operational excellence, and strategic expansion to continue delivering exceptional value to both its shareholders and clients alike.
