Palms Sports, a subsidiary of International Holding Company (IHC), has reported record-breaking revenues and profit growth for the financial year ending December 31, 2024.
The Abu Dhabi sports management company’s revenue for the year touched AED 1,051 million ($290 million), an 82.5 per cent increase compared to AED 576 million ($156.85) in FY2023. Gross operating profit was AED 180 million ($49 million).
With an accumulated provision of AED 22 million ($6 million), the net operating profit stood at AED 158 million ($43 million), which is an increase of 24.4 per cent from AED 127 million ($34.6 million) last year.
Fouad Darwish, CEO and Managing Director of Palms Sports, commented: “These outstanding results reflect the strength of Palms Sports’ investment policies, robust diversification strategies and our commitment to excellence in the sports management industry.
“By expanding our service offerings and tapping into new opportunities, we have achieved unprecedented revenue growth while maintaining steady profitability. Our long-term vision remains centred on creating value for our stakeholders, enhancing operational efficiency and contributing to the UAE’s leadership in global sports development.”
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