EasyLease Achieves AED 292 Million Revenue In Q3 2024 With Strong Year-over-Year Growth

EasyLease, a prominent player in the UAE's mobility solutions industry and a subsidiary of International Holding Company (IHC), has reported impressive financial results for the first nine months of 2024. The company achieved revenues of AED 292 million, reflecting a notable 38% increase compared to the previous year. This growth highlights EasyLease's significant role in the expanding UAE mobility market.

The company's operational profit for the year-to-date reached AED 32.7 million, marking a 47.2% rise from last year. This improvement is attributed to enhanced operational efficiency and ongoing market expansion efforts. Additionally, EasyLease's EBITDA grew to AED 77.5 million, up from AED 51.0 million in 2023, showcasing its focus on boosting shareholder value.

EasyLease has ventured into new regions, including Saudi Arabia and Bahrain, while launching several new business initiatives in vehicle rental, limousine, and recovery services sectors. Excluding these new ventures, the core operations saw a net profit after tax growth of 15% YoY, emphasizing the company's robust and sustainable growth trajectory.

The net profit after tax for YTD 2024 stood at AED 27.9 million, a modest increase of 5% compared to AED 26.5 million in 2023. This growth reflects strategic investments in new business lines over recent years. Despite these investments, EasyLease's core operations remain highly profitable.

Ahmad Al Sadah, CEO of EasyLease, stated: "Easy Lease is leading the charge in the UAE’s rapidly growing mobility sector, where demand for mobility solutions and last-mile logistics continues to surge. Our strategy of investing in technology and innovation enables us to stay ahead of the curve, and we are confident this approach will deliver substantial returns over the medium to long term."

Al Sadah also mentioned that EasyLease views itself as an evolving ecosystem within the mobility and logistics sectors. The company remains open to strategic investments that enhance stakeholder value while increasingly focusing on advanced technologies and AI-driven solutions.

As an asset-driven business, EBITDA serves as a crucial indicator of EasyLease’s operational strength. It provides insight into its financial performance and potential for future growth. The company's strategic direction aims to position it as a key player in the broader mobility and logistics ecosystem.

With inputs from WAM