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Abu Dhabi-based Modon Holding (formerly Q Holding) has recorded solid results for the first half, delivering a net profit of AED8.74 billion ($2.37 billion), including the provisional bargain purchase gain from the acquisition of Modon Properties and Abu Dhabi National Exhibitions Company (Adnec).
The Emirati group had in February announced its rebranding as Modon Holding following its $12 billion merger with ADQ and IHC Capital Holding’s real estate assets.
Abu Dhabi wealth fund ADQ and IHC Capital had combined their shareholdings in Modon Properties as well as ADQ’s stake in Adnec into Q Holding as part of the deal.
This landmark transaction marks one of the largest acquisitions in the country's history and sets the stage for Modon Holding's future of becoming a leading player in the real estate arena.
Modon's revenue soared to AED2.2 billion, registering a year-on-year increase of 333%, while its gross profit hit AED833.2 million, netting a year-on-year increase of 277%, it added.
"Leveraging the expanded scale and range of our business, Modon Holding's first six months performance begins to show the value proposition of the recent merger," said its Chairman Jassem Mohammed Bu Ataba Al Zaabi.
"Our focus on building smart cities will further increase liveability and foster vibrant communities in Abu Dhabi and internationally," he noted.
Group Managing Director Abdullah Al Sahi pointed out that the synergies available across the company's complementary business verticals will drive continued strategic transformation of Modon's business model, unlocking an unrivalled potential for innovation in intelligent connected living.
Lauding the performance. CEO Bill O'Regan said: "The strong results for our first half-year as Modon Holding, including sales of AED7.6 billion primarily on Hudayriyat supported by solid demand for new projects, provide an outstanding foundation for our future growth."
"Moving forward, Modon will build on this strength created by the merger of Q Holding, Modon Properties and Adnec to generate new opportunities across the business, and to expand our market presence both within the UAE and internationally," he added.-TradeArabia News Service