Modon Holding reports H1-2024 net profit of Dh8.7 billion after $12 billion merger
Abu Dhabi: Modon Holdings PSC, formerly Q Holding, has delivered revenues of Dh2.2 billion, a year-on-year increase of 333 per cent, and gross profit of Dh833.2 million, a year-on-year increase of 277 per cent.
Modon Holding posted a net profit of Dh 8.74 billion, including the provisional bargain purchase gain from acquiring Modon Properties and ADNEC.
Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Modon Holding, said, “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. Our focus on building smart cities will further increase liveability and foster vibrant communities in Abu Dhabi and internationally.”
Abu Dhabi’s Q Holding was rebranded as Modon Holding earlier this year, following its $12bn merger with ADQ and IHC Capital Holding’s real estate assets. Abu Dhabi wealth fund ADQ and IHC Capital combined their shareholdings in Modon Properties and ADQ’s stake in Abu Dhabi National Exhibitions Company (ADNEC) into Q Holding as part of the deal.
The acquisition of Modon Properties, ADNEC Group, and ancillary assets in February this year has bolstered Modon Holding’s financial position.
Abdullah Al Sahi, Group Managing Director of Modon Holding, said that the synergies available across the company’s complementary business verticals will drive continued strategic transformation of Modon’s business model.
The company announced that the Group’s liquidity surged by 119 per cent, enabling the company to capitalise on strategic opportunities and drive further expansion.
Business highlights
Modon Holdings reported strong real estate sales momentum of Dh7.6 billion in the first half of the year and a 153 per cent increase in year-on-year sales booked, supported by solid demand for new projects and existing inventory. Meanwhile, ADNEC achieved a 21 per cent increase in the number of visitors in the UAE year-on-year.
Bill O’Regan, Group CEO of Modon Holding, said, “The strong results for our first half-year as Modon Holding, including sales of Dh7.6 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 business opportunities and expand our market presence both within the UAE and internationally.”