ABU DHABI - EasyLease, 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 AED32.73 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 AED156.11 million, as compared to AED103.99 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 thanks 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.