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IHC subsidiary Emirates Stallions Group’s profit rises by 197% over last year

The engineering firm announced that revenues grew by more than 365 per cent to Dhs617m in the year to 30 September compared with the same period in 2021

by Gulf Business

October 18, 2022

International Holding Company subsidiary Emirates Stallions Group (ESG), which operates in the UAE and across several global projects in the Middle East, Africa, Asia, Europe, and the Americas, has increased its annual revenues and profits over its original forecast this year.

The engineering firm announced that revenues grew by more than 365 per cent to Dhs617m in the year to September 30 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 per cent compared to the same period last year, reaching Dhs103m.

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.”

Acquisitions in 2022

In the second quarter of the year, Emirates Stallions Group acquired a 60 per cent stake in Vision Factory, one of the biggest furniture and joinery production facilities in the UAE.

The company has also taken a 45 per cent stake in Decovision, the world-class quality interior design and engineering services provider, which has helped increase the company’s total assets to over Dhs1bn compared with Dhs514m in the same period in 2021. It also plans 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.

“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.