Transguard reveals ‘strong end to difficult year’ as profits fall by almost 50% off back of Covid crisis

SourceArabian Business
SectorFinancial Markets

UAE-based Transguard has revealed a drop in profits of almost 50 percent to AED32.1 million ($8.7 million) for the last financial year, while revenues fell by more than 16 percent to AED1.87 billion ($509.2 million).

The business solutions provider also announced on Sunday that AED2.1 billion ($571.8 million) in new and renewed business had been secured over the 12-month period, up 40 percent from AED1.5 billion ($408.4 million) in the previous 12 months, despite continuing uncertainty caused by the global Covid-19 crisis.

“If we learned anything during the pandemic it is to keep our eyes on innovation and a fierce focus on customer satisfaction,” said Greg Ward, managing director, Transguard Group. “We will not lose our momentum as we continue to support the UAE as it bounces back stronger than ever.”

Financial results for the year show annual revenue of $612.7m

In addition to deploying more than 44,000 employees every month during the height of the Covid-19 crisis and a further 500 more...