Modon Holding Achieves AED 9.4 Billion Net Profit Driven By Strong Sector Performance In 2024

Modon Holding reported significant growth in its 2024 financial results, showcasing strong performance across Real Estate, Asset Management, Hospitality, and Tourism & Events sectors. The company experienced a transformative year with remarkable growth and portfolio expansion both in the UAE and internationally. Revenue surged to AED 6.5 billion, marking a 637% increase from the previous year, largely due to acquiring ADNEC and Modon Properties.

Gross profit rose to AED 2.4 billion, reflecting a 500% increase year-on-year, highlighting robust business fundamentals. Net profit reached AED 9.4 billion, which included a one-off bargain gain. Modon launched five new real estate projects on Hudayriyat Island and Reem Island, generating sales of AED 13 billion, emphasizing its strength in real estate.

The company's revenue backlog climbed to AED 25.3 billion, ensuring long-term revenue security for the next three years. Modon's destinations attracted 12.2 million visitors. The company expanded globally with strategic investments in Egypt, Spain, the United Kingdom, and Morocco.

Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Modon Holding, remarked that "2024 was a defining year for Modon," noting the company's unprecedented growth and its role in strengthening Abu Dhabi's position as a global investment hub. He emphasized their commitment to sustainable urban development and unlocking opportunities across key markets.

Abdullah Al Sahi, Group Managing Director of Modon Holding, highlighted that Modon exceeded expectations locally and internationally with landmark projects like being appointed master developer for Ras El Hekma in Egypt and acquiring La Zagaleta in Spain. He stated that Modon is well-positioned to accelerate growth across all sectors and geographies.

Bill O’Regan, Group CEO of Modon Holding, noted that the record-breaking results reflect strong growth in revenue and net profit across their resilient business activities. He attributed this success to solid fundamentals, disciplined capital allocation, and a diversified portfolio.

Strong Foundation for Future Opportunities

Strategic acquisitions have been pivotal in driving performance and establishing a strong foundation for future growth. With a robust balance sheet, liquidity, and an expansive land bank, Modon is well-prepared to capitalize on emerging opportunities and sustain long-term value creation.

The achievements of 2024 underscore Modon's capability to adapt and thrive in various markets while maintaining its commitment to sustainable development. As the company continues to expand its global footprint through strategic investments and partnerships, it remains focused on delivering value across its diverse sectors.

With inputs from WAM