Emirates Stallions Group Achieves 128% Growth In Operational Profit For First Half Of 2024

Emirates Stallions Group (ESG), a subsidiary of International Holding Company (IHC), has announced an operational profit of AED119 million for the first half of 2024. This marks a 128 percent year-on-year (YoY) growth. The Group also reported a significant revenue increase to AED640 million, representing a 140 percent YoY rise driven by organic growth and strategic expansion.

ESG's total assets have grown to AED3.38 billion, showing a 10 percent increase YoY. This growth highlights the Group's ongoing focus on expansion, portfolio development, and long-term investment strategy. Reflecting its strong financial position, ESG’s total equity has risen to AED2.4 billion, indicating a 5 percent uptick YoY.

The company's book value per share now stands at AED9.59, which is a 5 percent growth YoY. This underscores the company's commitment to enhancing shareholder value through strategic initiatives and robust financial management.

Matar Suhail Ali Al Yabhouni Aldhaheri, Chairman of ESG, stated, "ESG has forged ahead swiftly and decisively in 2024, with our growth in gross profit this period highlighting our relentless ambition and the robust fundamentals of our business. This unprecedented growth reflects our commitment to operational optimization and our pursuit of 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."

Kayed Ali Khorma, CEO of ESG, added, "Our growth in revenue and operational profit in the first half of this year marks another significant financial milestone in a series of recent achievements for the Group. 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 to the remainder of the year, our robust financial position provides a solid foundation to enhance our market-leading capabilities and achieve even greater success."

Future Prospects

As ESG continues its journey through 2024, it remains focused on exploring new opportunities in future-focused sectors. The company aims to refine its competitive edge while maintaining its commitment to operational excellence across all verticals.

The substantial increase in both revenue and operational profit demonstrates ESG's ability to leverage its business propositions effectively. This not only delivers value for shareholders but also contributes positively to the UAE economy.

With a solid financial foundation in place, ESG is well-positioned to enhance its market-leading capabilities further as it progresses through the remainder of the year.

With inputs from WAM