Abu Dhabi - Mubasher: Palms Sports, a subsidiary of International Holding Company (IHC), achieved its set target for 2022, registering AED 754 million in new service agreements total value.
This amount accounts for a 20% growth in service deals compared with 2021, as Palms Sports aimed to generate revenues of AED 285 million by the end of the fourth quarter (Q4) of 2022, according to a press release.
Under these agreements, Palms Sport provided more than 1,000 experts in Jiu-Jitsu, close combat, and fitness instructors across all seven emirates.
Fouad Darwish, CEO and Managing Director of Palms Sports, noted: “There is no doubt the new service agreements will help our business to achieve strong revenue and earnings growth for this year last quarter and for the full next three years.”
Darwish added: “Throughout 2022, we invested in business and service development, furthering the sustainability of our business.”
He noted: “We enter 2023 with strong momentum and are moving with speed to bring forward innovations for the sporting community.”
During the first nine months (9M) of 2022, Palms Sports witnessed a 62% year-on-year (YoY) hike in net profit to AED 83 million.
In line with its growth strategy, Palms Sports is scaling up its current projects and programmes, besides entering new contracts with partners in the education and security sectors.
Last August, Palms Sports won its biggest UAE government contract worth AED 306 million.
