ADQ-backed Modon Holding’s revenue jumps 637% in 2024, reaching $1.7 billion
Abu Dhabi-based Modon Holding earned $1.7 billion (AED 6.5 billion) in 2024, a 637% increase, driven by strong growth in its businesses.
Modon’s 2024 Financial Results
Strong Growth in Revenue
Modon’s revenue grew significantly, mainly because it bought Abu Dhabi National Exhibitions Company (ADNEC) and Modon Properties.
Higher Profits
- The company’s adjusted earnings (EBITDA) increased by 154% to $530.9 million (AED 1.95 billion).
- Net profit (excluding special one-time items) was $381.1 million (AED 1.4 billion), up by 109%.
- Including one-time items, net profit surged 1,538% to $2.56 billion (AED 9.4 billion).
Key Statement
“Modon has exceeded expectations locally and internationally with major projects, including becoming the master developer for Ras El Hekma in Egypt and acquiring La Zagaleta in Spain,” said Abdullah Al Sahi, Modon’s Group Managing Director.
Business Performance
Real Estate
- Modon launched five new real estate projects on Hudayriyat Island and Reem Island.
- Sales from these projects totaled $3.54 billion (AED 13 billion).
- It expanded globally by investing in Egypt, Morocco, Spain, and the UK.
Asset Management
- Hosted 85 major sports events, attracting 6.8 million visitors.
Hospitality
- Achieved a 74% hotel occupancy rate with strong growth in daily rates.
Tourism & Events
- Attracted 5.4 million visitors (up 28%).
- Organized over 1,000 exhibitions and conferences.
Expansion Efforts
- Egypt: Appointed as the master developer for the Ras El Hekma megaproject.
- Egypt: Bought a 40.5% stake in TMG’s hospitality arm with ADQ.
- UAE: Acquired Royal Catering Services in Abu Dhabi.
- Spain: Purchased La Zagaleta, a luxury residential estate.
- Morocco: Opened the Four Seasons Hotel in Rabat.
- UK: Bought the Business Design Centre in London.
Background
In February last year, IHC’s Q Holding changed its name to Modon Holding. This came after a $12 billion merger of ADQ and IHC Capital Holding’s real estate assets, combining Modon Properties, ADNEC, and Miza Investments.
Published: 13th February 2025
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