Abu Dhabi’s Modon Holding, a prominent real estate and infrastructure conglomerate, has reported remarkable financial results for the first half (H1) of 2024. The company recorded a revenue of AED2.2 billion ($599 million), representing a year-on-year increase of 333 percent, and a gross profit of AED833.2 million ($226.84 million), a year-on-year surge of 277 percent.
The company’s net profit for the period reached AED8.74 billion ($2.37 billion), which included a provisional bargain purchase gain from the acquisition of Modon Properties and ADNEC. This landmark transaction, one of the largest in the country’s history, has further set the stage for Modon Holding’s transformation into a leading player in the real estate arena.
Commitment to developing smart cities
Jassem Mohammed Bu Ataba Al Zaabi, chairman of Modon Holding, expressed his enthusiasm, stating, “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.”
Intelligent connected living
Additionally, Abdullah Al Sahi, group managing director of Modon Holding, highlighted the synergies available across the company’s complementary business verticals, which will drive the strategic transformation of Modon’s business model. This, in turn, will unlock unrivalled potential for innovation in intelligent connected living.
Solid demand for new projects
Bill O’Regan, group chief executive officer of Modon Holding, also remarked on the results, noting, “The strong results for our first half-year as Modon Holding, including sales of AED7.6 billion primarily on Hudayriyat supported by solid demand for new projects, provide an outstanding foundation for our future growth.”
Future growth, expansion plans
Moreover, Modon Holding is poised to capitalize on the synergies created by the merger of Q Holding, Modon Properties, and ADNEC to generate new opportunities across the business. The company’s focus on expanding its market presence, both within the UAE and internationally, will further strengthen its position as a leading player in the real estate and infrastructure sectors.
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