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Abu Dhabi-listed Palms Sports, a subsidiary of UAE conglomerate International Holding Company (IHC), has secured a deal worth more than $10 million.
The global sports management company said it has just completed the “renewal process” of its “Active Hub” programme for an additional three years, from January 2023 to December 2025, for a total value of AED 39 million ($10.6 million).
Active Hub is one the projects launched by Palms Sports in collaboration with Emirates Schools Establishment and Abu Dhabi Sports Council.
Over the past 12 months, around 45,000 students signed up for various sport offerings under the programme.
“A three-year renewal of the contract is a testimony for the outstanding results attained by the programme,” the company said in a disclosure on the Abu Dhabi Securities Exchange (ADX) on Thursday.
Last December, the company announced that it had secured AED 754 million worth of new service contracts during 2022, registering a growth of 20%.
For the first nine months of 2022, profit reached AED 83 million, up by 62% from the same period in 2021.
(Writing by Cleofe Maceda; editing by Seban Scaria)
