Abu Dhabi (Etihad)
The ESG Stallions Emirates Group, a subsidiary of the International Holding Company, announced that its net profits increased by 316%, recording 687 million dirhams during the financial year ending on December 31, 2023.
The group said in a statement that this achievement was the culmination of its successful strategy and the excellence of its operational operations, marking an important turning point in the company’s growth and future development. This jump in profits came as a result of the sale of two companies affiliated with the group, “Collective Housing and WFC Group,” which resulted in non-operating and non-recurring profits estimated at approximately 550 million dirhams.
The group achieved total profits amounting to 168 million dirhams, an increase of 99% compared to last year, thanks to the development of operational efficiency and the improvement in profit margin. Despite the market challenges, the group succeeded in raising its revenues to 609 million dirhams, with a noticeable focus on high-value projects, which contributed to increasing revenue flow, and thus growth jumped by 70% on an annual basis, while the group’s total assets witnessed a noticeable increase, recording 3.06. One billion UAE dirhams, with a remarkable growth of 168% compared to December 2022, which confirms the group’s strong expansion and investment strategy.
Matar Suhail Ali Al Yabhouni Al Dhaheri, Chairman of the Board of Directors, ESG Stallions Emirates Group, said that the achievements witnessed by the group in 2023 culminated in a significant growth in net profits amounting to 316%, which reflects the success of its strategic vision and the excellence of its operational performance.
He continued: This unprecedented growth embodies our firm commitment to developing our business and the relentless pursuit of excellence in all sectors. We will move forward in exploring new opportunities, especially in our new areas of work, and contribute effectively to redefining industry standards and improving our competitive capabilities, as our continued success depends on innovation, flexibility, adaptation, and a deep understanding of the markets in which we operate.”
For his part, Kayed Kharma, CEO, ESG Stallions UAE Group, said that the group is keen to enrich its business portfolio while committing to operational profitability in all its new and existing sectors.
The total property rights in the group jumped to 2.29 billion dirhams, recording a growth of 202% compared to December 2022, and the book value of the company’s shares recorded a significant increase, reaching 9.1 dirhams, an increase of 202% on an annual basis, in a clear embodiment of the strength of the group’s financial position. Shareholders’ confidence in its capabilities. This year, ESG Stallions UAE worked to significantly expand its areas of work by entering new sectors and strengthening its position in the market, as the group’s strategic acquisition of a majority stake in United International Group made it a leader in the field of workforce solutions, with rich experience in operations. For more than 16 years, as a major pole in providing workforce solutions, the group aspires to provide more than 30,000 skilled professionals by the end of 2024, to meet the needs of various sectors.At the same time, the “ESG Stallions UAE” group has made acquisitions within sectors This is in line with its long-term strategy, which enhances its leadership and operations, as it acquired 23.91% of Kizad communities to expand its portfolio in the employee housing sector, and also a 60% stake in “Afkar Financial and Real Estate Investments” Company, which in turn owns the largest leading brands. In the field of furniture and décor, “2XL Home” and “OC Home”, to expand its presence within the real estate and retail sector, the group also launched its new arm, “ESG Hospitality”, in a strategic expansion that strengthens its position within the hospitality sector. ESG Stallions UAE is committed to building on its current momentum, focusing on sustainable growth, operational excellence and strategic expansion to deliver outstanding returns for shareholders and customers alike.
2024-02-10 15:03:53
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