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IHC’s Emirates Stallions Group reports 128% growth in operational profit

ESG reported a substantial revenue increase to Dhs640m, representing an impressive 140 per cent year-on-year increase

July 26, 2024

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Abu Dhabi-based Emirates Stallions Group (ESG), a subsidiary of International Holding Company (IHC), announced an operational profit of Dhs119m for the first half of 2024, marking a remarkable 128 per cent increase compared to the same period in 2023.

Financial performance

Listed on the Abu Dhabi Stock Exchange, ESG operates in workforce solutions, construction, and real estate sectors. The company’s H1 2024 profit significantly exceeded estimates, showcasing rapid growth, strategic focus, and solid business fundamentals, it noted in its statement.

ESG reported a substantial revenue increase to Dhs640m, representing an impressive 140 per cent year-on-year rise driven by organic growth and strategic expansion.

Total assets reached Dhs3.38bn, a 10 per cent increase compared to December 2023, underscoring ESG’s focus on expansion and portfolio development. The company’s total equity rose to Dhs2.4bn, reflecting a 5 per cent increase over the same period.

The book value per share also increased by 5 per cent to Dhs9.59.

Matar Suhail Ali Al Yabhouni Aldhaheri, chairman of ESG, stated, “ESG has forged ahead swiftly and decisively in 2024. Our growth in gross profit highlights our relentless ambition and robust business fundamentals. This unprecedented growth reflects our commitment to operational optimisation and excellence across all verticals.”

“As we continue to explore new opportunities, particularly in future-focused sectors, we are uniquely positioned to refine and redefine our competitive edge.”

CEO Kayed Ali Khorma added, “Our growth in revenue and operational profit in the first half of this year marks another significant financial milestone. 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. As we look ahead, our robust financial position provides a solid foundation to enhance our market-leading capabilities and achieve even greater success.”

Outlook

ESG said it remains committed to sustainable growth, operational excellence, and strategic expansion to continue delivering exceptional value to both shareholders and clients alike.

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