Abu Dhabi – Mubasher: Emirates Driving Company has acquired a 51% equity ownership in Excellence Premier Investment, the parent company of Excellence Driving Centre, at a value of AED 153 million.
The transaction is part of the listed company’s strategy to achieve significant expansion and improve its services across the GCC region, according to a bourse statement.
Khaled Al Shemeili, CEO of Emirates Driving, said: “With its high market value and exceptional customer satisfaction, Excellence Driving Centre will become a valuable addition to our company, where together we will be able to collaborate to achieve the best outcomes for our customers as well as expand our services to become the regional leader and ultimately enhance road safety across the entire region.”
“This will, in turn, increase shareholder value and diversify our driving education offerings across various markets,” Al Shemeili highlighted.
Founded in 2020, Excellence Driving Centre aims to deliver comprehensive vehicle driving education in Dubai through its large network of more than 20 strategic locations across the city.
Following the establishment of its driving centre, Excellence Premier Investment has diversified into delivery services, limousine services, and auto workshop operations.
In the first quarter (Q1) of 2024, Emirates Driving logged consolidated net profit after tax valued at AED 63.97 million, up from AED 63.15 million in Q1-23.
Revenues grew to AED 90.14 million in Q1-24 from AED 89.38 million a year earlier, while the basic and diluted earnings per share (EPS) remained unchanged at AED 0.06.
