EasyLease, the premier Mobility Solution provider and a subsidiary of International Holding Company (IHC), has announced its financial performance for the initial six months of 2024, revealing a revenue of Dh189.72 million, marking a significant 36.1% year-over-year rise from H1 2023. Operational profit soared by 67.3% year-over-year to Dh24.3 million during the same timeframe. Net profit for the first half of the year stood at Dh18.24 million, up from Dh16.38 million in the corresponding period of 2023, representing an 11.3% increase. This surge underscores the company’s strategic investments in technology, infrastructure, market expansion, and new mobility-related business ventures, crucial for sustaining long-term growth and maintaining EasyLease’s leadership in the dynamic mobility sector.
Simultaneously, total assets reached Dh478.98 million as of June 30, 2024, rising from Dh376.21 million at the start of the year, highlighting the company’s strong financial position and dedication to enhancing its operational capabilities and market footprint. Matar Suhail Ali Al Yabhouni, Chairman of EasyLease, stated: “Our exceptional half-year results mirror the growing acceptance of EasyLease’s offerings in the UAE market. These results also highlight the resilience of our business model, providing a robust foundation for achieving long-term sustainability and fulfilling our ambitious growth targets for the rest of 2024 and beyond.”
The mobility sector in the UAE and the broader GCC region, including logistics, transportation services, leasing, and infrastructure, is witnessing extraordinary growth. This expansion is fueled by substantial improvements in infrastructure and the rising need for effective, scalable solutions across multiple sectors. Ahmad Al Sadah, CEO of EasyLease, noted: “Our strategic initiatives are crafted to build a holistic ecosystem that caters to the varied requirements of the mobility sector, integrating state-of-the-art technologies and advancements in electric vehicles. We intend to broaden our presence across the GCC by seizing new opportunities, boosting operational efficiencies, and fostering sustainable growth. In line with the UAE’s role as a globally connected, premier commerce center, EasyLease will persist in investing in technology, infrastructure, and our workforce to meet consumer needs and surpass industry benchmarks. This commitment to innovation and strategic expansion is vital for predicting market trends, securing shareholder confidence, and propelling EasyLease towards unprecedented success.”
