Palms Sports Year End New Service Agreement Hits New Record of AED 754 million

22

Abu Dhabi, UAE: Palms Sports (ADX:PALMS), a global sports management company with the world’s largest Jiu-Jitsu training academy, and a subsidiary of International Holding Company (ADX:IHC), has achieved its 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, with the company targeting AED 285 million in revenue by the end of Q4. Under these agreements, Palms Sport has provided over 1,000 expert Jiu-Jitsu, close combat and fitness instructors to locations across all 7 emirates as Brazilian Jiu-Jitsu continues to be one of the fastest-growing combat sports, not only in the UAE, but also across the world. 

“There is no doubt that the new service agreements will help our business to achieve strong revenue and earnings growth for this year’s last quarter and for the next 3 years. Throughout 2022, we have 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, while simultaneously identifying attractive investment opportunities to capitalize on a strong cash position. 

Brazilian jiu-jitsu, one of Palms Sports leading training divisions is gaining traction with the rise of mixed martial arts as a mainstream sport in the UAE. 

About Palms Sports

Palms Sports PJSC is a UAE-based company that was established in 2011 and promotes niche sporting activities with specific focus on Jiu-Jitsu and Martial Arts to UAE Nationals. Palms Sports is one of 8 listed companies under International Holding Company PJSC (IHC), emphasizing the importance of sports in our daily lives and determined to assist the community to integrate ‘sports’ and ‘leisure’ into the very fabric of day-to-day lifestyles.

About International Holding Company (IHC) 

IHC was founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE and has grown to become the most valuable listed holding company in the Middle East with a market cap of AED 648 billion as of Sep 30, 2022. The company endeavors to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates. IHC is included in FTSE ADX 15 Index (FADX 15), representing the top 15 largest and most liquid companies on the ADX.

IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 422 subsidiaries and 82,000 employees, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate Developments, Agriculture, Healthcare, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.

With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues 

to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes and new opportunities arise, IHC remains focused on resilience, innovation, and redefining the marketplace for itself, its clients, and its partners.