UAE: EasyLease H1 revenue jumps 36.1% to $51.65mln

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EasyLease, the leading Mobility Solution company and subsidiary of International Holding Company (IHC), has posted first-half net profit of AED18.24 million ($5 million) an 11.3% increase on H1 2023.

The company posted revenue of AED189.72 million ($51.65 million), a notable 36.1% year-on-year (YoY) jump compared to H1 2023, while operational profit surged 67.3% YoY to reach AED24.3 million during that same period, a WAM report said.

This growth reflects the firm’s strategic investments in technology, infrastructure, market expansion, and new business lines related to mobility, which are essential for supporting long-term growth and ensuring EasyLease remains at the forefront of the evolving mobility landscape.

Total assets

Total assets amounted to AED478.98 million as of June 30, 2024, up from AED376.21 million at the beginning of the year, underscoring the company's robust financial health and commitment to expanding its operational capabilities and market presence.

Matar Suhail Ali Al Yabhouni, Chairman of EasyLease, said: “Our outstanding half-year performance reflects the pace at which the EasyLease proposition is continuing to resonate with the UAE market. The results also underpin the strength of our business, which will serve as a solid base to achieve long-term sustainability and the realisation of our ambitious growth objectives for the remainder of 2024 and beyond.”

The mobility sector across the UAE and wider GCC, encompassing logistics, transportation solutions, leasing services, and infrastructure, continues to experience remarkable growth. This surge is propelled by significant advancements in infrastructure and the increasing demand for efficient, scalable solutions across various industries.

Comprehensive ecosystem

Ahmad Al Sadah, CEO of EasyLease, commented: “Our strategic plans are designed to create a comprehensive ecosystem that addresses the diverse needs of the mobility sector, incorporating cutting-edge technologies and advancements in EVs. We aim to deepen our reach throughout the GCC region by capitalising on new opportunities, enhancing operational efficiencies, and driving sustainable growth.

“In alignment with the UAE's status as a hyperconnected, world-leading commerce hub, EasyLease will continue to invest in technology, infrastructure, and our team to meet consumer demands and exceed industry expectations. This dedication to innovation and strategic growth is crucial for anticipating market trends, maintaining shareholder trust, and driving EasyLease to new levels of success.”