(MENAFN- Mid-East.Info) Easy Lease to expand into Saudi Arabia and Bahrain in Q4 2022 with a plan to grab a significant share of the motorcycle delivery market.
YTD Revenue up in the third quarter by 50%.
The company is targeting 3.6 million delivery in KSA by end of 2023.
Abu Dhabi, UAE: EasyLease (ADX: EASY LEASE), the leading Mobility Solution company, a subsidiary of Abu Dhabi-based International Holdings Company (IHC), has released its financial results and board meeting resolution letter for the third quarter of 2022, after market close today, recording 32% YTD increase in net profit, higher by 17% than the market estimate.
Easy Lease has posted a standalone net profit of AED 32.73 million for the first nine months of the current financial year, which is 32% higher when compared with the same period last year, while the total revenue in the third quarter ended September stood at AED 156.11 million , as compared to AED 103.99 million in the same period the previous year.
The company has proliferated in its home market, the United Arab Emirates, where it is on track to reach 30,000 motorbikes by the end of 2022, doubling the size of its fleet from a year earlier, and acquired 55% of The Captain's Club, the UAE's biggest boat club in AED 70 million transaction, as a step toward diversifying its mobility solutions. EasyLease total assets increased by 91.7%, reaching AED 249.58 million as of Sept 30th, 2022, compared to AED 130.15 million at the start of the year.
Matar Suhail Ali Al Yabhouni, Chairman of of EasyLease, said : Our third quarter performance demonstrates our continued strength and resilience in all our businesses. EasyLease growth this quarter has been very strong across the UAE market and continued to be robust across traditional and new delivery markets.”
Easy Lease will open local offices in Saudi Arabia and Bahrain before the end of this year, targeting a 10% share by the end of 2023 of the Saudi Arabian market, which currently stands at 36 million deliveries monthly. It also aims to capture 10% of the Bahrain market by 2025, where 25,000 delivery motorcycles are currently operating.
Ahmad Al Sadah, CEO of EasyLease , said:“Our entry into Saudi Arabia and Bahrain comes in response to the high demand we have received from both markets for our mobility solutions. This is an exciting step in the company's development, and we see the high potential to partner with new and existing clients in these fast-growing markets.”
Easy Lease is expanding rapidly due to a growth of diversified delivery services. The company signed a significant leasing contract this year to support Emirates Post Group's“last mile” mobility and logistics service. Under the three-year leasing contract, Easy Lease provides the UAE's official postal operator with a fleet of courier motorcycles, a complete registration package, accident insurance, full maintenance, tracking, and on-road assistance.
“EasyLease brings significant expertise in the provision of safe and efficient delivery services, earning the trust of major companies that rely on a reliable delivery model.” Al Sadah added.
As part of EasyLease's focus on mobility, the company plans to leverage its size and economies of scale to invest further in technology and innovative mobility solutions for its clients, targeting route optimization, customer experience, and long-term electrification of the fleet.
About EasyLease
Founded in 2011, EasyLease is a listed company on the ADX Second Market under the ticker“EasyLease” and operates as a capital subsidiary under the International Holding Company (IHC). With a fleet of over 25,000 bikes, the company renders turnkey, ready-to-go leasing delivery solutions with primary activity in leasing motorcycles to restaurants, delivery companies, logistics and courier companies, and food aggregators.
About International Holding Company
IHC was founded in 1998 as part of an initiative to diversify and grow non-oil business sectors in the UAE. Adhering to 'Abu Dhabi's Vision 2030', the ADX-listed company endeavors to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region's largest conglomerates. IHC is included in FTSE ADX 15 Index (FADX 15), representing the top 15 largest and most liquid companies on the ADX.
IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 30 entities and 22,345 employees, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate, Agriculture, Healthcare, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.
With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes and new opportunities arise, IHC remains focused on resilience, innovation, and redefining the marketplace for itself, its clients, and its partners.