Abu Dhabi – Mubasher: Emirates Stallions Group (ESG), a subsidiary of International Holding Company (IHC), witnessed an annual hike of 197% to AED 103 million in profits during the first nine months (9M) of 2022.
The group’s revenues enlarged by more than 365% year-on-year (YoY) to AED 617 million during January-September 2022, according to a recent press release.
Matar Suhail Ali Al Yabhouni, Chairman of Emirates Stallions, said: "Our third quarter (Q3) results clearly demonstrate our ability to deliver our commitment to our shareholders and beyond."
Kayed Khorma, CEO of Emirates Stallions, said: “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.”
In the April-June 2022 period, Emirates Stallions acquired a 60% stake in Vision Factory, a leading wood manufacturing factory in the UAE.
IHC’s unit also held 45% equity in Decovision, a prime professional design and interior solution provider, which increased its total assets to over AED 1 billion from AED 514 million backed by the stake ownership process.
During the first half (H1) of 2022, the net profits attributable to the owners of IHC widened to AED 4.41 billion from AED 2.61 billion in the year-ago period.
