EasyLease Delivers Exceptional Q3 2024 Results with AED 292 mnn in Revenue Marking 38% YoY Growth
EasyLease (ADX: EASY LEASE), a market leader in the UAE’s mobility solutions sector and a subsidiary of International Holding Company (IHC), has announced robust financial results in the first nine months of 2024, with revenues reaching AED 292 million, marking a significant 38 percent year-over-year (YoY) growth.
The strong financial performance has been driven by a surge in demand for mobility solutions, particularly within the fast-growing mobility and logistics segments, underscoring EasyLease’s leading role in the evolving UAE mobility market.
The company’s operational profit for YTD also increased to AED 32.7 million, representing a 47.2 percent YoY increase, driven by operational efficiency and continued market expansion.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) also showed strong growth, reaching AED 77.5 million, up from AED 51.0 million in 2023, reflecting the company’s focus on enhancing shareholder value. As an asset-driven business, EBITDA serves as a core indicator of EasyLease’s operational strength, providing a clearer picture of its financial performance and potential for future growth.
Net profit after Tax for YTD 2024 is AED 27.9 million, up 5 percent compared to the AED 26.5 million reported in 2023. This growth, while positive, is influenced by the company’s strategic investments in new business lines over the last two years.
Easy Lease has expanded its operations into new regions, Saudi Arabia and Bahrain, while also establishing several new ventures within the vehicle rental, limousine, and recovery services sectors. Excluding these newly launched business ventures, Easy Lease’s core operations achieved a net profit after tax growth of 15 percent YoY. This underlines the company’s strong and sustainable growth trajectory, with its core business remaining highly profitable.
Ahmad Al Sadah, CEO of EasyLease, said: “Easy Lease is leading the charge in the UAE’s rapidly growing mobility sector, where demand for mobility solutions and last-mile logistics continues to surge. Our strategy of investing in technology and innovation enables us to stay ahead of the curve, and we are confident this approach will deliver substantial returns over the medium to long term. Alongside this, through our recent acquisition of Gallega we are evolving beyond being just a mobility solutions provider, positioning ourselves as a pivotal player in the broader mobility and logistics ecosystem.”
Al Sadah further noted: “At Easy Lease, we see ourselves as a dynamic ecosystem, constantly evolving and exploring new opportunities in the mobility and logistics sectors. We remain open to strategic investments that allow us to enhance and create value for our stakeholders. And we’ll increasingly look towards advanced technologies and AI-driven solutions, to ensure we continue to lead in the future of mobility and logistics.”
Source: Wam.ae
