Abu Dhabi, UAE; 28 December 2022: Palms Sports (ADX:PALMS), the global sports management company, world’s largest Jiu-Jitsu training academy, and a subsidiary of International Holding Company (ADX:IHC), have achieved its set target for this year hitting AED 754 million in new service agreements total value.
This represents a 20% growth in service agreements compared with the previous year, as the company is targeting AED 285 million in revenue by end of Q4. Under these agreements, Palms Sport provided over 1000 expert Jiu-Jitsu, close combat and fitness instructors in locations across all 7 emirates as the Brazilian Jiu-Jitsu continue to be one of the fastest-growing combat sports not only in the UAE but also across the world.
“There is no doubt the new service agreements will help our business to achieve strong revenue and earnings growth for this year last quarter and for the full next 3 years. Throughout 2022, we invested in business and service development, furthering the sustainability of our business. We enter 2023 with strong momentum and are moving with speed to bring forward innovations for the sporting community.” said Fouad Darwish, CEO and MD of Palms Sports,
Palms Sports recorded a strong set of financials for the first nine months of 2022 with profit of AED 83 million, a 62% increase for the same period last year. The company’s growth strategy encompasses both organic expansion and investments. Palms Sports is expanding existing projects and programs, whilst initiating new contracts with partners in the education and security sectors. This is simultaneously identifying attractive investment opportunities to capitalize on a strong cash position.
Brazilian jiu-jitsu, one of Palms Sports leading training division is gaining traction with the rise of mixed martial arts as a mainstream sport in the UAE.