Emirates Stallions takes over Sawaeed Holding: IHC subsidiary and construction and real estate firm Emirates Stallions Group (ESG) has fully acquired Abu-Dhabi based Sawaeed Holding, an ADX disclosure (pdf) reads. Emirates Stallions had previously owned a 83.89% stake in Sawaeed, according to the statement. The acquisition expands Stallions’ portfolio of manpower solution services, says ESG CEO Matar Suhail Ali Al Yabhouni.

More on Sawaeed Holding: Established in 2006, Sawaeed Holding initially provided employment services before branching out into investments, industrial training, manpower accommodation, and facilities management.

EARNINGS WATCH-

ESG’s net income rose 159.3% to AED 68.6 mn in 1Q 2024, according to the company’s earnings release (pdf).The company’s revenue surged 72.6% to AED 303.3 mn during the quarter. The portion of the bottom line from investments in associate and joint ventures was AED 11.4 mn, compared to AED 0.6 mn during the same quarter in 2023.

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