Emirates Stallions Group, the leading investment, engineering, and construction services business and subsidiary of International Holding Company (IHC), has increased its annual revenues and profits to well above the original forecast.
The engineering firm, which operates in the UAE and across several global projects in the Middle East, Africa, Asia, Europe, and the Americas, announced that revenues grew by more than 365 percent to AED 617 million in the year to 30 September compared with the same period in 2021.
Emirates Stallions Group posted its highest ever profits, which the company said early this year would exceed market expectations; they were also up more than 197 percent compared to the same period last year, reaching AED 103 million, reaping the rewards from its business unit’s and Subsidiary’s strong performance.
Matar Suhail Ali Al Yabhouni, Chairman of Emirates Stallions Group, said: “This quarter’s record results speak to ESG’s constant efforts to advance new possibilities to continue the group growth plan. Our third quarter results clearly demonstrate our ability to deliver our commitment to our shareholders and beyond.”
In Q2 of 2022, Emirates Stallions Group acquired a 60 percent stake in Vision Factory, one of the biggest furniture and joinery production facilities in the UAE. The company has also taken a 45 percent stake in Decovision, the world-class quality interior design and engineering services provider, which has helped increase the company’s total assets to over AED 1 billion compared with AED 514 million same period in 2021.
“Our team has been spot on in recognising the right investments and new project opportunities in the market. Our strategy is to expand the company’s market size, revenue and profit profile through new acquisitions. This will help put ESG on a clear path to profitability for our core business over the next 12 months.” said Kayed Khorma, CEO, Emirates Stallions Group.
Emirates Stallions Group plan to acquire new companies in the next 12 months. The acquisition strategy aligns with Emirates Stallions Group’s objective of enhancing long-term shareholder value as the company once again delivers accretive, synergistic organic growth within its existing markets.
