Business

Modon Holding PSC, previously known as Q Holding, has reported exceptional financial results for the first half of 2024 following its acquisition of Modon Properties and ADNEC. The company's revenue soared to AED 2.2 billion, marking a 333% increase year-on-year, while gross profit reached AED 833.2 million, up 277%. The net profit, including the provisional bargain purchase gain from the acquisition, amounted to AED 8.74 billion, making this one of the largest acquisitions in the country's history.

Key Highlights:

1. Strategic Vision:

   • The company was rebranded from Q Holding to Modon Holding on 18 March 2024.
   • The acquisition of Modon Properties and ADNEC Group was completed on 27 February 2024, significantly strengthening the financial position of Modon Holding.
   • Modon Holding's diversified portfolio now spans various sectors and regions, aligning with Abu Dhabi's vision for sustainable development.

2. Revenue and Profit Surge:

   • Revenue increased by 333% year-on-year to AED 2.2 billion.
   • Gross Profit increased by 277% year-on-year to AED 833 million.

3. Liquidity Boost:

   • The Group's liquidity position increased by 119%, enabling further strategic expansion.

4. Market Capitalisation Update:

   • As of 30 June 2024, Modon Holding's market capitalisation stood at AED 45.94 billion, a 114% increase year-on-year.

5. Business Highlights:

   • Strong real estate sales momentum, with AED 7.6 billion in H1 sales, representing a 153% increase year-on-year.
   • An aggregated revenue backlog of AED 22.3 billion across the Group.
   • ADNEC reported a 21% increase in visitor numbers year-on-year.

Statements from Leadership:

• H.E. Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Modon Holding: Emphasized the value proposition of the recent merger, focusing on building smart cities and enhancing Abu Dhabi's status as a global destination for leisure and business.

• H.E. Abdullah Al Sahi, Group Managing Director: Highlighted the diversification of Modon Holding's portfolio, which spans the real estate value chain and supports the transformation of Abu Dhabi's real estate, tourism, and business landscape.

• Bill O'Regan, Group CEO: Noted the strong first-half results, including sales primarily on Hudayriyat, and emphasized the company's future growth prospects.

Modon Holding's strong performance and strategic acquisitions are set to expand its market presence both within the UAE and internationally.

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