Five Holdings reports increase in hospitality revenues in 3Q

Five Holdings reported a 79% y-o-y increase in net income to AED 69.4 mn in 3Q 2024, according to the company’s consolidated financial statements (pdf). Revenue for the quarter climbed 81.9% y-o-y to AED 630.4 mn.

On a 9M basis: The company booked a 52.6% y-o-y decline in net income to AED 106.5 mn. Revenues rose 32.7% y-o-y to AED 1.5 bn.

The breakdown: Hospitality segment revenues rose 156.3% y-o-y to AED 507.5 mn in 3Q 2024, while real estate development revenues fell 17.2% y-o-y to AED 122.9 mn during the quarter.