Palms Sports, the global sports management company and the world's largest Jiu-Jitsu training provider, has released its preliminary financial results for Q3 2023. The company, which is a subsidiary of International Holding Company, reported a net operational profit of AED 88.1 million.
During this period, Palms Sports experienced significant growth, with revenue from contracts with clients increasing by 77% compared to the previous year. This surge in revenue resulted in a 33% year-on-year increase in gross profit, reaching an impressive AED 88.1 million.
Fouad Darwish, the CEO and MD of Palms Sports, attributed this growth to the company's relentless pursuit of double-digit growth. He highlighted their strategic focus on portfolio transformation, vertical expansion, and substantial investments in new business acquisitions.
In line with their strategic objectives, Palms Sports recently completed a AED 300 million transaction to acquire Securiguard Middle East. This acquisition aims to diversify the company's business verticals and establish a cohesive ecosystem for its investments.
Looking ahead, Darwish expressed optimism for the fourth quarter, expecting it to be a year of healthy growth for Palms Sports.
By the end of Q3-2023, Palms Sports had significantly increased its total assets by a record 70.9% year-on-year, reaching AED 910.4 million.