Emirates Stallions Group (ESG), a subsidiary of International Holding Company, announced a 316% increase in 2023 net profit to Dh687 million.
ESG reported a gross profit of Dh168 million, marking a 99% increase compared to the previous year, attributed to improved operational efficiencies and margin enhancement. Despite market challenges, the Group’s revenue rose to Dh609 million, showing a 70% year-on-year increase, primarily fueled by high-value projects.
“This unprecedented growth reflects our commitment to optimising operations and our relentless pursuit of excellence across all verticals,” said Matar Suhail Ali Al Yabhouni Aldhaheri, Chairman of ESG. “As we continue to explore new opportunities, particularly in our newly established sectors, we are poised to redefine industry standards and enhance our competitive edge.”
Total assets of ESG witnessed a notable surge, reaching Dh3.06 billion, reflecting a 168% growth compared to December 2022. The Group’s total equity increased by 202% to Dh2.29 billion, with a book value per share of Dh9.1, representing a 202% year-on-year increase.
 “The phenomenal growth we have achieved this year, particularly the expansion of our total assets and equity, reflects the start of realisation of our strategic approach to embracing new opportunities and optimising our core operations,” said Kayed Ali Khorma, CEO of ESG. “Our strategy is to leverage our strengths, innovate continuously, and deliver superior value to our stakeholders.”
ESG expanded its scope by acquiring a majority stake in United International Group (UIG), positioning itself as a leading manpower solutions provider. Additionally, acquisitions in key verticals, such as a stake in Kezad Communities and AFKAR Financial and Property Investments, were made to reinforce its market positions.
The Group also launched its hospitality business arm, ESG Hospitality, as part of its strategic expansion into the hospitality sector.
