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Emirates Stallions Group reports 128% YoY growth in operational profit in H1 2024

Strategic portfolio expansion has been a key driver of growth momentum

Emirates Stallions Group, the leading conglomerate operating across the workforce solutions, construction and real estate sectors, and a subsidiary of International Holding Company, on Thursday announced an operational profit of Dh119 million for the first half of 2024, achieving a growth of 128% compared to the same period in 2023.

The strong profit results surpassed estimates, with ESG’s remarkable financial performance reflecting the Group’s rapid growth, strategic focus, and solid business fundamentals. Additionally, the Group reported a substantial revenue increase to Dh640 million, an impressive 140% year-on-year rise driven by organic growth and strategic expansion.

ESG’s total assets continued to expand, reaching Dh3.38 billion—a 10% increase compared to December 2023. ESG’s total equity has risen to Dh2.4 billion, reflecting a 5% increase compared to December 2023. Additionally, the company’s book value per share stands at Dh9.59, representing a 5% increase compared to December 2023.

Matar Suhail Ali Al Yabhouni Aldhaheri, Chairman of ESG, said: “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, said: “Our growth in revenue and operational profit 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.”