Abu Dhabi, UAE; 30 July 2024: Modon Holding PSC, formerly Q Holding, has reported exceptional financial performance for the first half of 2024 post its acquisition of Modon Properties and ADNEC.
Modon Holding delivered a revenue of AED 2.2 billion, a year-on-year increase of 333%, and a gross profit of AED 833.2 million, a year-on-year increase of 277%. Modon Holding achieved a net profit of AED 8.74 billion including the provisional bargain purchase gain from the acquisition of Modon Properties and ADNEC. This landmark transaction marks one of the largest acquisitions in the country’s history and sets the stage for Modon Holding’s future of becoming a leading player in the real estate arena.
H.E. Jassem Mohammed Bu Ataba Al Zaabi
Chairman, Modon Holding
Leveraging the expanded scale and range of our business, Modon Holding’s first six months performance begins to show the value proposition of the recent merger. Our focus on building smart cities will further increase liveability and foster vibrant communities in Abu Dhabi and internationally.
At the same time, related investments in sectors such as tourism and events will create new experiences for residents and visitors to Abu Dhabi, supporting the city’s position as a global destination for leisure and business.
H.E. Abdullah Al Sahi
Group Managing Director, Modon Holding
Modon Holding’s strategic acquisitions and integration with Modon Properties and ADNEC has created a diversified group with capabilities across the real estate value chain that will enable the growth and transformation of Abu Dhabi’s real estate, tourism and business landscape.
The synergies available across our complementary business verticals will drive continued strategic transformation of Modon’s business model, unlocking an unrivalled potential for innovation in intelligent connected living.
Bill O’Regan
Group Chief Executive Officer, Modon Holding
Modon Holding represents a unique combination of capabilities across the design, construction and management of real estate assets in addition to the events, media, hospitality and tourism verticals
provided through ADNEC. The strong results for our first half-year as Modon Holding, including sales of AED 7.6 billion primarily on Hudayriyat supported by solid demand for new projects, provide an outstanding foundation for our future growth.
Moving forward, Modon will build on this strength created by the merger of Q Holding, Modon Properties, and ADNEC to generate new opportunities across the business, and to expand our market presence both within the UAE and internationally.
Key Highlights:
1. Strategic Vision:
- Q Holding was branded as Modon Holding via Annual General Meeting vote on 18 March 2024.
- Acquisition of Modon Properties, ADNEC Group, and ancillary assets on 27 February 2024, significantly bolstering Modon Holding’s financial position.
- Modon Holding’s diversified portfolio spans various sectors and regions, enhancing the Group’s resilience. Modon Holding is committed to advancing Abu Dhabi’s local and international ambition to align with the UAE’s vision for sustainable development.
2. Revenue and Profit Surge:
- Revenue increased by 333% year-on-year to AED 2.2 billion, with the inclusion of both ADNEC and Modon Properties, strong real estate sales and a solid portfolio of operating assets.
- Gross Profit increased by 277% year-on-year to AED 833 million.
3. Liquidity Boost:
- The Group’s liquidity position surged by 119%, enabling Modon Holding to capitalise on strategic opportunities and drive further expansion.
4. Market Capitalisation Update:
- As of 30 June 2024, Modon Holding boasts a market capitalisation of AED 45.94 billion, a year-on-year growth of 114%.
5. Business Highlights:
- Strong real estate sales momentum of AED 7.6 billion in H1 and 153% increase year-on-year sales booked, supported by solid demand for new projects and existing inventory.
- AED 22.3 billion aggregated revenue backlog across the Group.
- ADNEC achieved 21% increase in the number of visitors in the UAE year-on-year.
Ends
About Modon Holding
Modon Holding develops vibrant communities, unique hospitality and lifestyle experiences, and world-class sports facilities. Based in Abu Dhabi with an international vision, Modon Holding is a Private Joint Stock company listed on the ADX Growth Market with the shareholding of ADQ and the IHC Group being our majority shareholders. Through a diversified business portfolio in the UAE, we are engaged in strategic investment and innovation on an unrivalled scale, shaping future smart living. Our goal is to deliver long-term, sustainable value, laying the foundations for intelligent, connected living.