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Palms Sports net operating profit up 17% at Dh45.6 million in first half of 2023

alms Sports (ADX:PALMS) posted a net operating profit of Dh45.6 million in the first six months of 2023, a 17 per cent growth compared to the same period last year, the company said on Monday.

Palms, a Jiu-Jitsu training provider and a subsidiary of International Holding Company, also saw revenue from contracts with clients climbing 23 per cent, from Dh134.6 million (H1-2022) to Dh165.2 million (H1-2023), fueling a 31 per cent increase in gross profit — from Dh40.7 million to Dh53.4 million.

“We attribute this success to our dedicated team, strategic partnerships, and unwavering focus on delivering exceptional value. Our unwavering commitment to client satisfaction has propelled a remarkable 23 per cent increase in revenue from contracts, reaching Dh165.2 million,” said Fouad Darwish, CEO, and MD of Palms Sports.

The company’s equity increased by 6 per cent during this period, from Dh466 million to Dh493, while assets grew 5.1 per cent from Dh532.7 million to nearly Dh600 million.

“The latter half of 2023 holds great promise. We remain poised for continued growth and look forward to further expanding our reach in the industry,” Darwish added.