Abu Dhabi-based Emirates Stallions Group (ESG), a subsidiary of International Holding Company (IHC), reported a 125 per cent year-on-year increase in revenue to AED 900.52 million ($245.2 million), propelled by organic growth and strategic expansion.
Operating across workforce solutions, construction and real estate sectors, ESG’s operational profit jumped to AED 151.78 million ($41.33 million) in the first nine months of 2024, up 69 per cent compared to the same period in 2023. Gross profit more than doubled from the same period, growing 221 per cent to AED 304.02 million ($82.83 million) from AED 94.67 million ($25.78 million).
The company’s book value per share stood at AED 9.74, representing a six per cent increase compared to December 2023.
Matar Suhail Ali Al Yabhouni Aldhaheri, Chairman of Emirates Stallions Group, commented: “This has been another memorable quarter for ESG, with our significant growth in revenue showing 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.
“2024 is shaping up to be a historic year for ESG, where our relentless ambition and robust fundamentals are taking us further and farther to new horizons that we’ve never been before.”
ESG’s total assets reached AED 3.455 billion ($940 million), marking a 13 per cent increase compared to December 2023, when total assets stood at AED 3.061 billion.
Kayed Ali Khorma, CEO of Emirates Stallions Group, added: “ESG’s soaring revenue and operational profit gives a true sense of the pace of our growth as well as the strength of business fundamentals.
“Yet, alongside capturing new opportunities, we’ve also worked hard to be leaner, greener, and smarter by prioritising operational optimisation and efficiencies, including technological proliferation across all business functions.”
Established in 2008, Emirates Stallions Group has witnessed remarkable growth and expanded its activities to global markets across more than 20 countries in the Middle East, Asia, Africa, Europe, and the Americas.
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