Emirates Stallions Group Achieves 13% Increase In Total Assets To AED 3.455 Billion

Emirates Stallions Group (ADX: ESG), a subsidiary of International Holding Company (ADX: IHC), has reported a significant increase in operational profit for the first nine months of 2024. The profit reached AED151.78 million, marking a 69% growth compared to the same period in 2023. This financial success highlights the group's strong business fundamentals and strategic achievements.

The group also experienced a substantial rise in revenue, reaching AED900.52 million, which is a 125% increase from the previous year. This growth was driven by both organic expansion and strategic initiatives. Gross profit more than doubled, increasing by 221% to AED304.02 million from AED94.67 million during the same period last year.

ESG continues to expand its operations, with total assets now at AED3.455 billion, reflecting a 13% increase since December 2023 when assets were at AED3.061 billion. The group is focused on activities that provide immediate impact while also creating long-term value, investing in both organic and inorganic growth opportunities.

The company's total equity has risen to AED2.43 billion, representing a 6% increase compared to December 2023. Additionally, the book value per share has increased by 6%, now standing at AED9.74.

Matar Suhail Ali Al Yabhouni Aldhaheri, Chairman of ESG, stated, "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."

Kayed Ali Khorma, CEO of ESG, added that the group's impressive revenue and operational profit reflect their growth pace and business strength. He noted their efforts to become leaner and more efficient by prioritising operational optimisation and technological advancements across all business functions.

Focus on Sustainable Growth

Emirates Stallions Group aims to maintain its momentum by concentrating on sustainable growth and operational excellence. The group is committed to strategic expansion to continue providing exceptional value to shareholders and clients alike.

The company remains dedicated to identifying new opportunities that can have a purposeful impact across all sectors it operates in while maintaining strong financial performance.

With inputs from WAM