PRESSR: EasyLease maintains profitability and strong revenue growth in the third quarter of 2023

The mobility solutions company announced a 35.6% increase in net revenues for the corresponding period in 2022.

The third quarter net profit played a pivotal role in enhancing the company's long-term investments, especially in new sectors and expanding existing operations across regional markets.

Abu Dhabi, United Arab Emirates: EasyLease (ADX: EASYLEASE), a leading company in mobility solutions, a subsidiary of Abu Dhabi-based International Holding Company (ADX: IHC), announced its financial results for the third quarter ending September 30, 2023, where It recorded revenues of AED 211.79 million, an increase of 35.6% year-on-year compared to the third quarter of 2022, while the company’s net profits amounted to AED 26.5 million, compared to AED 32.73 million for the same period. In 2022, as the company continues to invest In its long-term business expansion plan.

Easy Lease has strategically opened new branches in Saudi Arabia and Bahrain to strengthen its presence in the market and take advantage of the booming regional opportunities. Furthermore, the company has entered into new segments, including limousine services, parking management, and vehicle rentals, while at the same time achieving strong growth in operating profits during the same period. 2022 period.

Ahmed Al-Sada, CEO of Easy Lease, commented: “We have maintained our firm commitment to investing in geographical expansion, strengthening our presence, and aggressively seeking to increase market share in the local and regional markets.”

The regional mobility solutions industry is witnessing a fundamental shift towards innovative smart mobility options that can go a long way in reducing its carbon footprint. Motorcycles also have great potential to do their part in reducing sectoral emissions through a variety of measures – from electrification to improved fuel economy. Its favorable attributes, such as cost-effectiveness, exceptional maneuverability, and quick mobility, which in turn increase the popularity of two-wheelers in the mobility market in the UAE and GCC, especially in the delivery space.

Al Sada added, “Although our new investments may have impacted some of our quarterly numbers, we consider it a passing impact and remain steadfast in our commitment to long-term sustainability and achieving our ambitious goals set out in our 2025 strategic plan.”

Looking to the future, EasyLease is strategically exploring the possibility of implementing unmanned aerial vehicles (UAVs) for transporting goods, with a vision to create a drone-based air delivery system. These initiatives are pivotal in promoting a more sustainable mobility system, and ultimately aim to develop a future-proof fleet that will drive decarbonisation efforts in delivery service across the UAE and the wider region. EasyLease is also proactively working to intensify investments in the latest technologies and fortify its infrastructure to significantly increase its market footprint across the region. The integration of automated solutions is the cornerstone of increasing the operational efficiency of the company's clients. Furthermore, a clear focus is on exploring pioneering innovations such as autonomous vehicles and drone delivery, which aim to improve last-mile deliveries to increase speed and efficiency.

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About Easy Lace:

Established in 2011, EasyLease is a company listed on the Abu Dhabi Securities Exchange II under the symbol “EasyLease” and operates as a capital subsidiary under the International Holding Company (IHC). With a fleet of over 25,000 bikes, the company offers turnkey rental delivery solutions with a core business of renting motorcycles to restaurants, delivery companies, logistics companies, couriers and food aggregators.

About the International Holding Company

The International Holding Company was established in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE and has grown to become the most valuable listed holding company in the Middle East with a market value of AED 868 billion as of March 31, 2023. The company seeks to implement sustainability initiatives and innovation and economic diversification through what is now one of the largest conglomerates in the region. The International Holding Company joined the FTSE Abu Dhabi Market 15 Index (FADAX 15), which includes the fifteen most liquid companies on the Abu Dhabi Stock Exchange.

The International Holding Company's objectives are to enhance its portfolio through acquisitions, strategic investments and business combinations. The company has more than 444 subsidiaries and more than 126,000 employees, and seeks to expand and diversify its assets across a growing number of sectors, including asset management, healthcare, real estate, construction, marine services, dredging, financial services, information and communications technology, financial services, food production, Services, facilities, and services.

Through a core strategy of enhancing shareholder value and growth, International Holding Company leads operational integration and works to enhance levels of cost efficiencies across all its business sectors. It also continues to evaluate investment opportunities through direct ownership and entering into partnerships in the UAE and abroad. In light of the changes taking place in the world and with the emergence of new opportunities, the International Holding Company focuses on flexibility, innovation and establishing new standards in the market for itself, its clients and its partners.

www.ihcuae.com

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