Business services provider Transguard Group has posted profits of over AED 163 million ($44.3 million) in the fiscal year ending March 31, the company announced on Wednesday.
According to financial results released by the company on Wednesday, the company’s revenues rose 22 percent to AED 2.31 billion ($628.9 million), while the company’s head count rose 17 percent from 55,399 to 64,774.
“These are incredible results, particularly when the tough business conditions we’ve witnessed in the last 12 to 24 months area taken into consideration,” said Transguard Group CEO Dr. Abdullah Al Hashimi.
“The major contributing factor in our success has been our ability to retain key accounts, while also winning some very important new contracts, 470 in total, valued at over AED 1.3 billion ($353.9 million).”
“We have an in-depth understanding of our clients’ requirements which is a direct result of our customer-focused business strategy,” he added.
Transguard is currently the market leader in cash management solutions in the UAE, where it services over 90 percent of the country’s ATM network.
According to the company, this business unit grew 9 percent over the course of the year.
Additionally, the company’s security services operation continues to be the UAE’s largest, and witnessed a 12 percent growth in personnel from 6,891 to 7,781.
Transguard’s manpower services and revenue saw growth of 28 percent and 12 percent, respectively, which the company says is a result of increase in construction and infrastructure activity in the UAE, while its integrated facility services (IFS) business unit saw revenue growth of 30 percent.
Last year, the company also launched an AED 3.8 million ($1.03 million) Centre of Excellence in Dubai Investment Park, which has been tasked with training 100,000 Transguard staff by 2020 and currently provides 181 courses.
“We’ve witnessed another solid all-round performance by Transguard this year which is down to the hard work and dedication of our 64,774 members of staff,” said Transguard Group managing director Greg Ward.
“Looking ahead to 2018 and 2019, delivering excellence in everything we do will be imperative to ensure we continue to meet our business goals.”
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