- Revenue surges to AED 189.72 million in H1 2024, a 36.1% YoY increase, while operational profit jumps by 67.3% YoY to reach AED 24.3 million
- Strong performance continues to be fueled by robust demand across the diverse mobility and logistics sectors in the UAE and GCC
Abu Dhabi, UAE – 25July 2024: EasyLease (ADX: EASY LEASE), the leading Mobility Solution company and subsidiary of International Holding Company (IHC), has released its financial results for the first half of 2024, reporting AED 189.72million inrevenue, a notable 36.1% YoY increase compared toH1 2023, while operational profit increased by 67.3% YoY to reach AED 24.3million during that same period.
Net profit for the first half of the year reached AED 18.24 million compared to AED 16.38 million in the same period in 2023, an 11.3% increase. This growth reflects the firm’s strategic investments in technology, infrastructure, market expansion, and new business lines related to mobility, which are essential for supporting long-term growth and ensuring EasyLease remains at the forefront of the evolving mobility landscape.
In parallel, total assets amounted to AED 478.98 million as of 30thJune 2024, up from AED 376.21 million at the beginning of the year, underscoring the company’s robust financial health and commitment to expanding its operational capabilities and market presence.
Matar Suhail Ali Al Yabhouni, Chairman of EasyLease, says:“Our outstanding half-year performance reflects the pace at which the EasyLease proposition is continuing to resonate with the UAE market. The results alsounderpinthe strength of our business, which willserve as a solid base to achieve long-term sustainability and the realisation of our ambitious growth objectives for the remainder of 2024 and beyond.”
The mobility sector across the UAE and wider GCC, encompassing logistics, transportation solutions, leasing services, and infrastructure, continues to experience remarkable growth. This surge is propelled by significant advancements in infrastructure and the increasing demand for efficient, scalable solutions across various industries.
Ahmad Al Sadah, CEO of EasyLease, comments: “Our strategic plans are designed to create a comprehensive ecosystem that addresses the diverse needs of the mobility sector, incorporating cutting-edge technologies and advancements in EVs. We aim to deepen our reach throughout the GCC region by capitalizing on new opportunities, enhancing operational efficiencies, and driving sustainable growth. In alignment with the UAE’s status as a hyperconnected, world-leading commerce hub, EasyLease will continue to invest in technology, infrastructure, and our team to meet consumer demands and exceed industry expectations. This dedication to innovation and strategic growth is crucial for anticipating market trends, maintaining shareholder trust, and driving EasyLease to new levels of success.”
EasyLease remains committed to harnessing advanced technologies to enhance client operations, providing faster, more efficient, and increasingly sustainable solutions across every aspect of mobility.
-ENDS-
About EasyLease:
Founded in 2011, EasyLease is listed on the ADX Second Market under the ticker “EasyLease” and operates as a capital subsidiary of International Holding Company (IHC). The company is a leading provider of integrated Mobility solutions, catering to diverse sectors, including e-commerce, delivery, logistics, couriers, and food service providers. EasyLease’s fleet is one of the largest in the UAE market, comprising over 25,000 vehicles.
The company is committed to expanding its presence across the GCC and the broader MENA region, focusing on innovation and efficiency in all mobility services. EasyLease offers a range of flexible vehicle leasing solutions tailored to meet the diverse transportation needs of businesses. This customer-centric approach, coupled with investment in top-notch technology, including cutting-edge artificial intelligence (AI), ensures that we remain at the forefront of the transportation services industry.
www.easylease.ae
About International Holding Company (IHC):
IHC was founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE and has grown to become the most valuable listed holding company in the Middle East with a market cap of AED 876 billion as of March 31, 2024. IHC endeavors to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates. IHC is included in FTSE ADX 15 Index (FADX 15), representing the top 15 largest and most liquid companies on the ADX.
IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 900 subsidiaries, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Asset management, Healthcare, Real Estate and Construction, Marine and Dredging, IT and Communications, Financial Services, Food Production and Service, Utilities, and Services.
With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes and new opportunities arise, IHC remains focused on resilience, innovation, and redefining the marketplace for itself, its clients, and its partners.
www.ihcuae.com