Modon Holding delivered a revenue of AED 2.2 billion, a year-on-year increase of 333%, and a gross profit of AED 833.2 million, a year-on-year increase of 277%. Modon Holding achieved a net profit of AED 8.74 billion including the provisional bargain purchase gain from the acquisition of Modon Properties and ADNEC. This landmark transaction marks one of the largest acquisitions in the country’s history and sets the stage for Modon Holding’s future of becoming a leading player in the real estate arena.
H.E. Jassem Mohammed Bu Ataba Al Zaabi
Chairman, Modon Holding
"Leveraging the expanded scale and range of our business, Modon Holding’s first six months performance begins to show the value proposition of the recent merger. Our focus on building smart cities will further increase liveability and foster vibrant communities in Abu Dhabi and internationally.
At the same time, related investments in sectors such as tourism and events will create new experiences for residents and visitors to Abu Dhabi, supporting the city’s position as a global destination for leisure and business."
H.E. Abdullah Al Sahi
Group Managing Director, Modon Holding
"Modon Holding’s strategic acquisitions and integration with Modon Properties and ADNEC has created a diversified group with capabilities across the real estate value chain that will enable the growth and transformation of Abu Dhabi’s real estate, tourism and business landscape.
The synergies available across our complementary business verticals will drive continued strategic transformation of Modon’s business model, unlocking an unrivalled potential for innovation in intelligent connected living."
Bill O'Regan
Group Chief Executive Officer, Modon Holding
"Modon Holding represents a unique combination of capabilities across the design, construction and management of real estate assets in addition to the events, media, hospitality and tourism verticals provided through ADNEC. The strong results for our first half-year as Modon Holding, including sales of AED 7.6 billion primarily on Hudayriyat supported by solid demand for new projects, provide an outstanding foundation for our future growth.
Moving forward, Modon will build on this strength created by the merger of Q Holding, Modon Properties, and ADNEC to generate new opportunities across the business, and to expand our market presence both within the UAE and internationally."
Key Highlights