Easy Lease Motorcycle Rental PJSC

The Easy Lease Motorcycle Rental PSC Board of Directors will hold a meeting on April 26, 2024, at 3:30 PM via Microsoft Teams. The agenda includes the approval of the financial statements for the period ending 31 March 2024 and discussion on other business matters. The information was communicated to the Market Operations Surveillance Department at the Abu Dhabi Securities Exchange.

EasyLease, a subsidiary of the International Holding Company, has acquired a 60% stake in United Trans, a leading rail and transportation technology solutions provider and a subsidiary of Alserkal Group of Companies. This strategic acquisition is part of EasyLease's expansion plan into railways and smart mobility, aiming to reinforce its regional mobility leadership and expand its service portfolio. The move will enable EasyLease to deliver enhanced mobility solutions to customers across the GCC and the broader MENA region. United Trans, established in 2008, has been a key player in the regional transport sector, with a strong presence in the railway and smart mobility sectors.

The CEO of Easy Lease Motorcycle Rental PJSC, Ahmad Mohammad Al Sadah, has announced that the company has acquired a 60% stake in United Trans, a leading provider of rail solutions and transportation technologies. This acquisition is part of Easy Lease's strategic focus on the mobility sector, particularly railway services, to drive innovation and efficiency across all facets of mobility services. The partnership is expected to open new avenues for growth both domestically and internationally, reinforcing Easy Lease's position in the industry.

The Easy Lease Motor Cycle Rental PSC held its General Assembly Meeting on February 29, 2024. The meeting, chaired by H.E Mr. Matar Suhail Ali Al Yabhouni Aldhaheri, Chairman of the Board of Directors, took place at the company's head office in Dubai from 3:30 pm to 3:45 pm. The attendance quorum was 94.64% of the total capital. The meeting was conducted both virtually and physically.

The Annual General Assembly Meeting of Easy Lease Motorcycle Rental PSC is scheduled for February 29, 2024, at 3:30 PM at the company's headquarters. Remote participation is available for shareholders. The invitation and agenda for the meeting have been enclosed along with a special power of attorney form to attend the meeting and a disclosure regarding the approval of proxies.

The document is a letter from Easy Lease Motor Cycle Rental PSC, dated January 25, 2024, addressed to the Disclosure and Compliance Section of the Abu Dhabi Securities Exchange. The letter reports the results of a board of directors' meeting held on the same day. At the meeting, the board approved the audited financial statements for the period ending on December 31, 2023, set the date for the annual general assembly meeting of shareholders on February 29, 2024 (pending approval from the concerned authority), and discussed general business matters related to the company's activities. The letter is signed by CEO Ahmad Mohammad Al Sadah.

Easy Lease Motor Cycle Rental PJSC reported a performance for the financial year ending 31 December 2023. The company's operational profit was AED 39.58 million, down from AED 40.21 million in 2022, and its net profit was AED 36.08 million, down from AED 47.38 million in 2022. However, revenue increased to AED 298.55 million from AED 226.05 million in 2022, and total assets increased to AED 376.21 million from AED 272.08 million in 2022. The company, which operates in the UAE, KSA, and Bahrain, has a fleet of over 25,000 bikes and offers a range of services, including vehicle leasing, luxury car services, towing, roadside assistance, parking solutions, valet services, delivery services, advanced mobility technology, and electric chargers. In 2023, Easy Lease acquired a 60% stake in Fully Charge Electrical Fitting Contracting and Ripe Exhibition Organizer Co LLC, and increased its stake in Lynx Technology Group Ltd by 24% to hold a 49% equity share.

Easy Lease Motor Cycle Rental PJSC has released its audited financial statement for the years ending 31 December 2023 and 2022. The balance sheet shows an increase in total non-current assets, current assets, current liabilities, non-current liabilities, and shareholders' equity from 2022 to 2023. The income statement reveals a rise in total revenue and gross profit for the same period. However, there was a decrease in profit before tax and net profit for the year. The earnings per share also dropped from AED 1.47 in 2022 to AED 1.03 in 2023. The statement was signed by CEO, Ahmad Mohammad Al Sadah.