IHC subsidiary Emirates Stallions Group sees net profit rise 316% in 2023

IHC subsidiary Emirates Stallions Group, a provider of manpower supply, landscaping, real estate development, engineering project management and associated services to construction, development, and hospitality, has reported a year-on-year net profit growth of 316 per cent, touching Dhs687m in FY 2023.

The group reported a gross profit of Dhs168m, a 99 per cent increase compared to the previous year, reflecting improved operational efficiencies and margin enhancement.

Despite challenging market conditions, the group managed to raise its revenue to Dhs609m, with an increasing focus on high-value projects, showcasing a remarkable 70 per cent year-on-year increase.

Emirates Stallions Group sees rise in assets

The group’s total assets witnessed a surge, standing at Dhs3.06bn, a significant 168 per cent growth compared to December 2022, underscoring the group’s aggressive expansion and investment strategy.

Portfolio expansion and key acquisitions led to an impressive 202 per cent growth in the company’s equity.

Matar Suhail Ali Al Yabhouni Aldhaheri, chairman of ESG, said: “This unprecedented growth reflects our commitment to optimising operations and our relentless pursuit of excellence across all verticals.

“As we continue to explore new opportunities, particularly in our newly established sectors, we are poised to redefine industry standards and enhance our competitive edge. Our success is built on a foundation of innovation, resilience, and a deep understanding of the markets we serve.”