Press releases, Reports & Disclosures for PALMS SPORTS PrJSC

The text is about the interim condensed consolidated financial statements of Palms Sports PJSC, covering the period ending on 31 March 2024.

Palms Sports, the global sports management company, has completed its acquisition of Learn Education. This move includes the full ownership of Al Rabeeh School and Al Rabeeh Academy, both of which are known for their outstanding British-curriculum primary and secondary education in Abu Dhabi. This acquisition is a part of Palms Sports' diversification and expansion strategy. Fouad Darwish, CEO & Managing Director of Palms Sports, expressed his enthusiasm about the acquisition, stating that it aligns with the company's commitment to expansion into new areas and creating added value for investors and shareholders.

Palms Sports, a leading sports management company and subsidiary of International Holding Company (IHC), has announced the distribution of AED 100Mn in dividends, equivalent to 66.667% of its share capital. The dividends will be issued to eligible shareholders owning PALMS shares on the record date of February 13, 2024, with each share receiving AED 0.667. This decision follows a year of strong financial performance for the company, with revenues of AED 576 Mn and an operating profit of AED 120Mn. The dividend distribution reflects Palms Sports' commitment to shareholder value and its confidence in its ongoing financial strength.