EasyLease (ADX: EASY LEASE), a leading UAE-based mobility solutions provider and a subsidiary of International Holding Company (IHC), has reported impressive financial results for the first nine months of 2024.
The company achieved revenues of AED 292 million, reflecting a 38% year-over-year (YoY) increase. The growth has been fueled by rising demand in the mobility and logistics sectors, solidifying EasyLease's leadership in the UAE's evolving mobility market.
Operational profits also surged, reaching AED 32.7 million, marking a 47.2% YoY rise. This increase was driven by the company’s operational efficiency and market expansion. Earnings before interest, taxes, depreciation, and amortization (EBITDA) saw a significant jump to AED 77.5 million, up from AED 51.0 million in 2023, showcasing the company’s financial strength and growth potential.
Net profit after tax reached AED 27.9 million, up 5% from AED 26.5 million in 2023. This increase was influenced by the company’s strategic investments in new business lines. However, core operations showed stronger growth, with a 15% YoY increase in net profit, excluding the newly launched ventures.
CEO Ahmad Al Sadah highlighted the company’s strategic focus on technology and innovation, which has helped position EasyLease as a key player in the broader mobility and logistics ecosystem. The company recently expanded its operations into Saudi Arabia and Bahrain and continues to explore opportunities in vehicle rentals, limousine services, and recovery operations.
Al Sadah emphasized the company’s commitment to investing in advanced technologies and AI-driven solutions to maintain its leadership in the fast-growing mobility sector.
News Source: Emirates News Agency
