Press releases, Reports & Disclosures for PALMS SPORTS PrJSC

Palms Sports, a leading sports management company and subsidiary of International Holding Company (IHC), has announced the distribution of AED 100Mn in dividends, equivalent to 66.667% of its share capital. The dividends will be issued to eligible shareholders owning PALMS shares on the record date of February 13, 2024, with each share receiving AED 0.667. This decision follows a year of strong financial performance for the company, with revenues of AED 576 Mn and an operating profit of AED 120Mn. The dividend distribution reflects Palms Sports' commitment to shareholder value and its confidence in its ongoing financial strength.

Palms Sports, a subsidiary of International Holding Company (IHC), reported a 91% increase in revenue and a 48% increase in operating profit YoY, with a net operational profit of AED 120 million and total revenue of AED 576 million in 2023. The company attributed this growth to expansions, acquisitions, and investments in 2024. Founded in 1998, IHC has a market cap of AED 864 billion as of June 30, 2023, and comprises over 444 subsidiaries and more than 126,000 employees.

Palms Sports has secured contracts worth AED 282.7 million with Emirates Schools Establishment (ESE), extending their more than 10-year partnership. The first contract, valued at AED 68.7 million, expands Palms Sports' longstanding Jiu-Jitsu training service for school children in Abu Dhabi. The second contract, worth AED 214 million, revives the School Jiu-Jitsu Program in the Northern Emirates, expanding its reach to 117 schools across six emirates. The new contracts push Palms Sports' total long-term service contracts to over AED 1.06 billion. The company sees these contracts as an affirmation of the quality of its programs and a crucial step in its 2024 expansion plans.