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ADX-listed mobility solutions outfit and International Holding Company (IHC) subsidiary EasyLease’s bottom line soared 136.5% y-o-y to AED 13 mn in 1Q 2024, according to financial statements (pdf) disclosed on the ADX on Thursday. The company’s topline grew 38.6% to AED 97.4 during the same period. EasyLease attributed the boost in performance to “enhanced operational efficiencies and strategic positioning in high-growth mobility sectors,” in an accompanying press release (pdf).
Previous investments are paying off: “The investments and expansion efforts that we embarked on in 2022 and 2023 are now yielding significant returns. The strategic decisions made during that period are proving to be highly beneficial, reflecting positively on our current financial performance and operational success,” EasyLease CEO Ahmad Al Sadah said.
The company seems set on doubling down: Easy Lease snapped up a 60% stake in UAE-based Alserkal Group subsidiary and transportation technology solutions provider United Trans for an undisclosed sum earlier this month, in a bid to boost its foothold in the regional smart mobility and railway sectors. The company also obtained a 60% stake in UAE-based electric charger manufacturing and installation company Fully Charged for an undisclosed sum in December 2023, while also acquiring a 60% stake in container and commercial kiosk rentals and food truck outfit Ripe that same month, also for an undisclosed sum.
Looking ahead: EasyLease is set to remain committed to its growth strategy, leveraging both organic growth and strategic acquisitions. The company will also continue eyeing new technologies and market opportunities to expand and strengthen its stance in the smart mobility and railway sectors, it said.
About the company: Established in 2011, the IHC subsidiary is a leading provider of integrated mobility solutions, servicing sectors including e-commerce, delivery, logistics, couriers, and food services, the statement said. EasyLease’s 25k vehicle fleet is one of the largest in the UAE.
