Emirates Stallions Group, a renowned global investment, engineering, and construction solutions company and a subsidiary of International Holding Company (IHC), has recently reported an impressive 831 percent Year-on-Year (YoY) increase in net profit for the first half of 2023.
During H1 2023, the company’s net profits reached a substantial AED 597 million, showing a remarkable jump from AED 64 million in the corresponding period of the previous year. Moreover, the revenue for H1 2023 experienced solid growth, rising by 81 percent and reaching AED 266 million, compared to AED 147 million in H1 2022.
Emirates Stallions Group attributes its success to focused market strategies, effective cost management, and continuous efforts to expand its market share. Matar Suhail Ali Al Yabhouni, Chairman of Emirates Stallions Group, expressed delight at the outstanding performance achieved during the quarter.
One of the significant milestones for the company in the second quarter of 2023 was the introduction of “Century Village,” a groundbreaking joint venture aimed at developing and managing staff accommodations for a workforce of over 5,000 individuals on Abu Dhabi’s Al Reem Island. Valued at AED 320 million (US$87.1 million), this ambitious project seeks to address the housing requirements of employees in critical sectors, including healthcare, transportation, and hospitality.
Kayed Khorma, CEO of Emirates Stallions Group, emphasized the substantial enhancement of their bottom line, driven by revenue expansion and meticulous cost management. The company’s total assets witnessed an impressive surge of 93 percent compared to December 2022, reaching a remarkable value of AED 2.2 billion in the first half of 2023.
Khorma attributed the company’s impressive growth to several key factors, including successful entry into new markets, focus on higher-value-added projects, and improved efficiencies within their expanded business, all while maintaining a commitment to sustainability.
The outstanding performance of Emirates Stallions Group aligns with their envisioned enhancements and the promising prospects of the UAE Construction Market. With the market forecasted to reach a substantial US$49.40 billion by 2028, growing at a CAGR of 4.85 percent during the forecast period (2023-2028), the company remains well-positioned for further progress.
Emirates Stallions Group remains committed to achieving its original net profit target of AED 140 million for the full year of 2023, capitalizing on projected growth opportunities and the dynamic landscape of the industry. Notably, the market shows a noticeable level of consolidation, with a few prominent players commanding significant shares.
