Modon Holding has announced remarkable financial results for the initial six months of 2024, recording a revenue of Dh2.2 billion, reflecting a substantial year-on-year growth of 333 percent, and a gross profit of Dh833.2 million, which is a 277 percent increase from the previous year. The company's net profit stood at Dh8.74 billion, which includes a provisional gain from the bargain purchase related to the acquisition of Modon Properties and Adnec. This acquisition is one of the most significant in the nation's history and positions Modon Holding as a major player in the real estate sector.
Jassem Mohammed Bu Ataba Al Zaabi, the chairman of Modon Holding, expressed, “The first half-year performance of Modon Holding, following the merger, demonstrates the value of our expanded business scope. Our commitment to developing smart cities enhances the quality of life and supports dynamic communities in Abu Dhabi and globally.” Abdullah Al Sahi, the group managing director, highlighted that the synergies across the company's diverse business units will propel the strategic evolution of Modon's operations, enabling unparalleled innovation in intelligent living solutions.
Bill O’Regan, the group CEO of Modon Holding, remarked, “The robust performance in the first half of the year, with sales reaching Dh7.6 billion primarily from Hudayriyat, driven by strong demand for new projects, lays a solid groundwork for our future expansion.” He further added, “Going forward, Modon will capitalize on the strengths derived from the merger of Q Holding, Modon Properties, and Adnec to create new business opportunities and enhance our market footprint both domestically and internationally.”
