Modon Holding, which was created last year in August following a $12 billion merger of Q Holding with ADQ’s 100 percent shareholding of Abu Dhabi National Exhibitions Company (ADNEC), as well as its majority ownership interest in Modon Properties, has reported stellar numbers for its first half-yearly result as a new entity.
For the first half of 2024, Modon Holding’s revenue was AED2.18 billion ($590 million) a year-on-year increase of 333 percent compared to AED505 million in H1 2023, and gross profit was at AED833.2 million ($226.9 million), an increase of 277 percent YoY.
Modon Holding achieved a net profit of AED8.74 billion ($2.38 billion), including the provisional bargain purchase gain from the acquisition of Modon Properties and ADNEC, one of the largest acquisitions in UAE’s history. Modon Holding aims to become a world-class local platform through a combination of real estate and hospitality assets.
Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Modon Holding, commented: “Leveraging the expanded scale and range of our business, Modon Holding’s first six months performance begins to show the value proposition of the recent merger. Our focus on building smart cities will further increase liveability and foster vibrant communities in Abu Dhabi and internationally.”
In a filing with Abu Dhabi Securities Exchange (ADX), Modon Holding said its liquidity position surged by 119 percent, enabling it to capitalise on strategic opportunities and drive further expansion. As of 30 June, it has a market capitalisation of AED45.94 billion ($12.51 billion), up 114 percent from last year.
The company experienced strong real estate sales momentum of AED7.6 billion in H1 (up 153 percent) and has AED22.3 billion aggregated revenue backlog across the group.
The number of visitors at ADNEC grew 21 percent.
Bill O’Regan, Group Chief Executive Officer of Modon Holding, added: “The strong results for our first half-year as Modon Holding, including sales of AED7.6 billion primarily on Hudayriyat supported by solid demand for new projects, provide an outstanding foundation for our future growth.
“Moving forward, Modon will build on this strength created by the merger of Q Holding, Modon Properties, and ADNEC to generate new opportunities across the business, and to expand our market presence both within the UAE and internationally.”
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