ESG EMIRATES STALLIONS GROUP P.J.S.C

The document is a review report and interim condensed consolidated financial statements for ESG Emirates Stallions Group PJSC, covering the six-month period that ended on June 30, 2024.

Emirates Stallions Group (ESG) reported a significant operational profit of AED 119 million for the first half of 2024, marking a 128% increase year-over-year. Revenue also saw a substantial rise to AED 640 million, a 140% increase compared to the same period in 2023. The company's total assets grew to AED 3.38 billion, a 10% increase from December 2023, while total equity rose by 5% to AED 2.4 billion. The book value per share increased by 5% to AED 9.59. ESG's growth is attributed to strategic portfolio expansion and strong business fundamentals. The leadership highlighted their commitment to operational optimization and exploring new opportunities in future-focused sectors.

The General Assembly Meeting of ESG Emirates Stallions Group P.J.S.C was held electronically on Monday, May 6, 2024, at 3:00 PM. Shareholders representing 94.94% of the Group's share capital attended. Several key figures were present, including Mr. Ali Saeed Abdulla Sullayem Alfalasi (Deputy Chairman), Mr. Abdulla Rashed Alrashdi (Board Member), and executives such as the Group CEO, COO, CFO, Legal Advisor, and others. Some Board Members were absent due to prior engagements. The meeting, chaired by the Deputy Chairman, proceeded with the agenda items, and the presence of the required quorum was confirmed.

Employees from the Emirates Stallions Group (ESG) have participated in a mangrove restoration project on Umm Yifenah Island as part of the wider Abu Dhabi Mangrove Initiative. The project aims to enhance biodiversity and combat climate change, aligning with the UAE’s extended Year of Sustainability. The initiative is part of ESG's ongoing commitment to environmental conservation and sustainable development. The group's CEO, Kayed Khorma, highlighted the project's benefits for community and country, as well as its role as a team-building activity that increased understanding of environmental challenges.

Emirates Stallions Group (ESG) has fully acquired Sawaeed Holding, a leading provider of manpower and labor accommodation solutions in the region. ESG increased its shareholding by 83.89% to complete the 100% acquisition. This move is part of ESG's growth and diversification strategy, and it strengthens its position as a leader in the manpower services sector. Sawaeed Holding, established in 2006, has diversified its services over the years, including investments, industrial training, manpower accommodation, and facilities management. Its core business in employment services has made it a key player in the industry.

The General Assembly Meeting of ESG Emirates Stallions Group PJSC is scheduled for Monday 6th May 2024 at 3:00 pm. The meeting will be held virtually, with shareholders attending electronically. The approved shareholder's invitation and the agenda for the Annual General Assembly have been enclosed. Additional attachments include the announcement of nominations for Board membership, a disclosure regarding the approval of proxies, and a special power of attorney form for the ESG's General Assembly Meeting.

The ESG Emirates Stallions Group PJSC reported a sales revenue of AED 609.36 million for the year ended 31st December 2023, a significant increase from AED 357.43 million in 2022. The company also saw a considerable growth in net profit, reporting AED 686.63 million in 2023 compared to AED 165.23 million in 2022. The financial results also included a gain on disposals of a subsidiary and an associate amounting to AED 136.86 million and AED 417.28 million respectively. The company's management reaffirmed its commitment to enhancing the development of the company's business and activities for sustainable growth.

Emirates Stallions Group (ESG) has announced a record 316% growth in net profit for 2023, reaching AED 687 million. The company also reported a 99% increase in gross profit to AED 168 million, and a 70% year-on-year increase in revenue to AED 609 million. The company's total assets grew by 168% to AED 3.06 billion. ESG attributes these financial achievements to strategic portfolio expansion, key acquisitions, improved operational efficiencies, and a focus on high-value projects. The chairman of ESG, Matar Suhail Ali Al Yabhouni Aldhaheri, highlighted the company's commitment to optimizing operations and pursuing excellence across all sectors.