EasyLease Achieves Remarkable Financial Growth in Q1 2024

EasyLease Achieves Remarkable Financial Growth in Q1 2024

Apr 29, 2024
  • The leading mobility solution provider reports a significant increase in Revenue to AED 97.36 million and operational Profit to AED 19.55 million.

Abu Dhabi, UAE 27April 2024: EasyLease (ADX: EASY LEASE), the esteemed mobility solution company and a subsidiary of Abu Dhabi-based International Holdings Company (ADX: IHC), today announced its financial results for the first quarter ended March 31, 2024. The company reported a remarkable revenue of AED 97.36 million, reflecting a 38.6% growth compared to Q1 2023, and a robust operational profit of AED 19.55 million, representing a more than twofold increase from AED 9.24 million in the same period last year.

Net profits after tax soared to AED 13.01 million, significantly up from AED 5.50 million in Q1 2023. These impressive results are reflective of EasyLease’s enhanced operational efficiencies and strategic positioning in high-growth mobility sectors. Total assets were reported at AED 458.53 million as of March 31, 2024, indicating strong growth from AED 376.21 million at the start of the year.

Further solidifying its market leadership, EasyLease has strategically acquired a 60% stake in United Trans, a subsidiary of the Alserkal Group of Companies. This acquisition marks a significant expansion into rail and transportation technology solutions, reinforcing EasyLease’s commitment to diversifying its portfolio and enhancing its capabilities across the regional mobility sector.

Ahmad Al Sadah, CEO of EasyLease, said: “Our exceptional growth in the first quarter is a direct result of our strategic foresight and relentless pursuit of operational excellence. The investments and expansion efforts that we embarked on in 2022 & 2023 are now yielding significant returns. The strategic decisions made during that period are proving to be highly beneficial, reflecting positively on our current financial performance and operational success.”

The regional mobility solutions industry is evolving rapidly, with a heightened focus on smart, sustainable, and integrated transportation solutions. EasyLease is at the helm of this transformation, actively pursuing opportunities that leverage cutting-edge technologies and innovative service models.

“The acquisition of United Trans is aligned with our long-term vision to dominate the smart mobility market, ensuring we stay at the forefront of innovation and market expansion. With this strategic investment, we are not only expanding our operational scope but also setting new standards in the integration of smart mobility solutions. This is in line with our 2025 strategic goals of enhancing regional connectivity and sustainability,” Al Sadah added.

Looking ahead, EasyLease remains committed to its ambitious growth strategy, focusing on both organic growth and strategic acquisitions. The company continues to explore new technologies and market opportunities that will drive its expansion and strengthen its market position in the evolving global mobility landscape.

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