Today's Edition
ABU DHABI (WAM)
Modon Holding has reported exceptional financial performance for the first half of 2024, delivering revenue of Dh2.2 billion, a year-on-year increase of 333 percent, and gross profit of Dh833.2 million, a year-on-year increase of 277 percent.
Modon Holding achieved a net profit of Dh8.74 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.
Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Modon Holding, said, "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."
Abdullah Al Sahi, Group Managing Director of Modon Holding, stated that the synergies available across the company's 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 of Modon Holding, noted, "The strong results for our first half-year as Modon Holding, including sales of Dh7.6 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."
