Modon Holding delivers solid 2024 results; net profit hits $2.5bn
ABU DHABI, 26 days ago
Abu Dhabi-based Modon Holding has announced that it has achieved exceptional growth in its full-year results for 2024, driven by strong performance across its four key sectors: real estate, asset management and hospitality as well as tourism and events.
The results reflect a transformative year with record-breaking growth and portfolio expansion in both the UAE and international markets.
The Abu Dhabi group's net profit soared to AED9.4 billion ($2.5 billion), including a one-off bargain gain.
Its revenue rose to AED6.5 billion ($1.8 billion), posting a 637% year-on-year increase, primarily due to the acquisition of Adnec and Modon Properties, it stated.
Modon's gross profit increased to AED2.4 billion, a 500% year-on-year rise, demonstrating robust business fundamentals.
On its key achievements, Modon said five new real estate projects were launched on Hudayriyat Island and Reem Island, generating AED13 billion in sales, underscoring its real estate strength.
The revenue backlog reached AED 25.3 billion, ensuring long-term revenue security for the next three years, it stated.
On the tourism front, Modon said 12.2 million visitors were attracted to its destinations.
The Abu Dhabi group in 2024 also expanded its global footprint with strategic investments in Egypt, Spain, the United Kingdom, and Morocco.
"2024 was a defining year for Modon, delivering unprecedented growth and strengthening Abu Dhabi’s position as a global investment hub. Our acquisitions and strategic expansions lay the groundwork for the next phase of Modon’s transformation," remarked Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Modon Holding.
"We remain committed to sustainable urban development and unlocking opportunities across key markets," he added.
Group Managing Director Abdullah Al Sahi said: "Modon has surpassed expectations both locally and internationally with landmark projects such as our appointment as master developer for Ras El Hekma in Egypt, and the acquisition of La Zagaleta in Spain. As we look ahead, Modon is well-positioned to accelerate growth across all its sectors and geographies."
Group CEO Bill O'Regan said: "Modon’s record-breaking 2024 results across our resilient platform of business activities – Real Estate, Asset Management, Hospitality, Tourism, and Events – demonstrated strong growth in revenue and net profit."
"This reflects our solid fundamentals, disciplined capital allocation, and well-diversified portfolio. Strategic acquisitions have been a key driver of our performance, setting a strong foundation for future growth," stated O'Regan.
"With a robust balance sheet, liquidity, and an expansive land bank, Modon is well-positioned to capitalise on emerging opportunities and sustain long-term value creation," he added.-TradeArabia News Service
