Abu Dhabi, UAE–Palms Sports, a subsidiary of International Holding Company, has posted a net profit of $24 million in Q3 of 2023.
Palms Sports demonstrates remarkable growth as revenue from contracts with clients skyrockets by 77% in Q3-2023, surging from $58.43 million to $92 million.
This notable upswing in revenue fuels a substantial 33% YoY increase in gross profit, soaring from $18 million in Q3-2022 to an impressive $24 million in Q3-2023
“The training division of the company relentlessly pursued double-digit growth, maintaining a strategic focus on portfolio transformation, vertical expansion, and substantial investments in new business acquisitions.” said Fouad Darwish, CEO, and MD of Palms Sports.
In July of this year, Palms Sports executed a $81.68 million transaction to acquire Securiguard Middle East, aligning with its strategic objective to diversify its business verticals and establish a cohesive ecosystem for its investments.
“We can expect Q4 to be a healthy growth year for Palms Sports” Darwish added.
By the end of Q3-2023, Palms sports had already increased its total assets by a record 70.9% YoY from $145 million in Q3-2022 to $248 million in Q3-2023.
