Home UAE Abu Dhabi IHC subsidiary Emirates Stallions Group sees net profit rise 316% in 2023 Strategic portfolio expansion and key acquisitions led to an impressive 168 per cent and 202 per cent growth in the company’s assets and equity, respectively by Gulf Business February 12, 2024 Image: ESG 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.” Tags Emirates Stallions Group IHC You might also like Abu Dhabi’s IHC says its outlook on Adani Group investments is unchanged GQG Partners to invest $500m in Alpha Dhabi IHC’s EasyLease acquires majority stake in Gallega Global Logistics Rorix Holdings’ Finstreet unveils regulated digital trading platform at ADGM