Press releases, Reports & Disclosures for PALMS SPORTS PrJSC

Palms Sports, a subsidiary of International Holding Company (IHC), reported a 91% increase in revenue and a 48% increase in operating profit YoY, with a net operational profit of AED 120 million and total revenue of AED 576 million in 2023. The company attributed this growth to expansions, acquisitions, and investments in 2024. Founded in 1998, IHC has a market cap of AED 864 billion as of June 30, 2023, and comprises over 444 subsidiaries and more than 126,000 employees.

Palms Sports has secured contracts worth AED 282.7 million with Emirates Schools Establishment (ESE), extending their more than 10-year partnership. The first contract, valued at AED 68.7 million, expands Palms Sports' longstanding Jiu-Jitsu training service for school children in Abu Dhabi. The second contract, worth AED 214 million, revives the School Jiu-Jitsu Program in the Northern Emirates, expanding its reach to 117 schools across six emirates. The new contracts push Palms Sports' total long-term service contracts to over AED 1.06 billion. The company sees these contracts as an affirmation of the quality of its programs and a crucial step in its 2024 expansion plans.

Palms Sports, a global sports management firm, has secured AED 76 million in contracts from major UAE government entities, strengthening its position in the country's sports sector. The two contracts, worth AED 62.8 million over four years and AED 13.2 million for one year, bring the total value of agreements signed by Palms Sports in 2023 to AED 807 million. The first contract will deploy 108 fitness trainers and supervisors for a government entity, while the second contract involves providing 50 specialized trainers in tactical defense and close combat.