Abu Dhabi – Mubasher: Modon Holding, which was previously known as Q Holding, reported sold financial performance for the first half (H1) of 2024 following its acquisition of Modon Properties and ADNEC.
The ADX-listed company logged net profits valued at AED 8.73 billion in the January-June 2024 period, an annual leap from AED 214.45 million, according to a press release.
Revenue increased by 333% year-on-year (YoY) to AED 2.18 billion in H1-24 from AED 505.25 million, while the basic and diluted earnings per share (EPS) increased to AED 0.65 from AED 0.03.
Total assets amounted to AED 69.26 billion in H1-24, compared to AED 21.31 billion at the end of December 2023.
Income Statements for Q2
In the second quarter (Q2) of 2024, the profits shrank to AED 328.88 million from AED 521.91 million in Q2-23, while the revenues hiked to AED 1.64 billion from AED 394.65 million.
Meanwhile, the basic and diluted EPS retreated to AED 0.02 in Q2-24 from AED 0.07 a year earlier.
Jassem Mohammed bu Ataba Al Zaabi, Chairman of Modon Holding, commented: “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.”
Bill O'Regan, Group CEO of Modon Holding, said: “The strong results for our first half-year as Modon Holding, including sales of AED 7.60 billion primarily on Hudayriyat supported by solid demand for new projects, provide an outstanding foundation for our future growth.”
