Modon Holding recently announced its impressive financial results for the first half of 2024, showcasing a revenue increase of 333 percent year-on-year to Dh2.2 billion and a gross profit increase of 277 percent to Dh833.2 million. The company’s net profit stood at Dh8.74 billion, attributed to the bargain purchase gain from the acquisition of Modon Properties and Adnec, one of the largest acquisitions in the country’s history. This successful transaction signifies a pivotal moment for Modon Holding as it aims to establish itself as a key player in the real estate sector.
Jassem Mohammed Bu Ataba Al Zaabi, the chairman of Modon Holding, highlighted the value of the recent merger in the company’s strong performance in the first six months of the year. With an expanded scale and diversified business portfolio, Modon Holding is committed to developing smart cities that enhance liveability and nurture vibrant communities in Abu Dhabi and beyond. The focus on sustainable urban development aligns with the company’s long-term vision of creating innovative and connected living solutions.
Abdullah Al Sahi, the group managing director of Modon Holding, emphasized the synergies within the company’s various business verticals that drive strategic transformation and pave the way for innovation in intelligent connected living. By leveraging these synergies, Modon Holding is well-positioned to capitalize on emerging opportunities and solidify its market presence both locally and internationally. The focus on innovation and sustainability underscores the company’s commitment to driving positive change in the real estate industry.
Bill O’Regan, the group CEO of Modon Holding, expressed optimism about the company’s future growth prospects, citing strong sales performance of Dh7.6 billion primarily driven by projects like Hudayriyat. The successful integration of Q Holding, Modon Properties, and Adnec has laid a solid foundation for Modon Holding to explore new opportunities and expand its market reach across diverse geographies. The company’s strategic approach to business growth and market expansion is reflected in its commitment to delivering quality projects and innovative solutions to meet the evolving needs of customers.
In conclusion, Modon Holding’s stellar financial performance in the first half of 2024 underscores the company’s resilience and strategic vision in navigating the rapidly changing real estate landscape. By focusing on sustainable urban development, innovation, and market expansion, Modon Holding is well-positioned to capitalize on emerging opportunities and drive long-term growth. The successful integration of diverse business verticals and strategic acquisitions has further enhanced the company’s market position and set the stage for continued success in the years to come. With a strong leadership team and a clear focus on delivering value to customers, Modon Holding is poised to emerge as a key player in the real estate sector, both locally and internationally.
