• The company on track to meet this year net profit target.
• Company Reports Remarkable 77% YoY Growth in revenue.
• Palms Sports' commitment to operational and vertical expansions culminated in a significant surge in profitability.
Abu Dhabi, UAE; October 20, 2023: Palms Sports (ADX: PALMS), the global sports management company, the world's largest Jiu-Jitsu training provider, and a subsidiary of International Holding Company (ADX: IHC), unveiled its preliminary financial results for Q3 2023, culminating on September 30th, showcasing an impressive net operational profit of AED 88.1 million.
Palms Sports demonstrates remarkable growth as revenue from contracts with clients skyrockets by 77% in Q3-2023, surging from AED214.6 million (Q3-2022) to AED337.6 million (Q3-2023). This notable upswing in revenue fuels a substantial 33% YoY increase in gross profit, soaring from AED66.2 million in Q3-2022 to an impressive AED88.1 million in Q3-2023.
'The training division of the company relentlessly pursued double-digit growth, maintaining a strategic focus on portfolio transformation, vertical expansion, and substantial investments in new business acquisitions.' said Fouad Darwish, CEO, and MD of Palms Sports.
In July of this year, Palms Sports executed a AED 300 million transaction to acquire Securiguard Middle East, aligning with its strategic objective to diversify its business verticals and establish a cohesive ecosystem for its investments.
“We can expect Q4 to be a healthy growth year for Palms Sports” Darwish added.
By the end of Q3-2023, Palms sports had already increased its total assets by a record 70.9% YoY from AED532.7 million in Q3-2022 to AED910.4 million in Q3-2023.