EasyLease net profit rises by 32% as market rout fuels demand for delivery mobility solution

EasyLease net profit rises by 32% as market rout fuels demand for delivery mobility solution

YTD Revenue up in the third quarter by 50%.

The company is targeting 3.6 million delivery in KSA by end of 2023.

Abu Dhabi, UAE: EasyLease (ADX: EASY LEASE), the leading Mobility Solution company, a subsidiary of Abu Dhabi-based International Holdings Company (IHC), has released its financial results and board meeting resolution letter for the third quarter of 2022, after market close today, recording 32% YTD increase in net profit, higher by 17% than the market estimate.

Easy Lease has posted a standalone net profit of AED 32.73 million for the first nine months of the current financial year, which is 32% higher when compared with the same period last year, while the total revenue in the third quarter ended September stood at AED 156.11 million, as compared to AED 103.99 million in the same period the previous year.

The company has proliferated in its home market, the United Arab Emirates, where it is on track to reach 30,000 motorbikes by the end of 2022, doubling the size of its fleet from a year earlier, and acquired 55% of The Captain’s Club, the UAE’s biggest boat club in AED 70 million transaction, as a step toward diversifying its mobility solutions. EasyLease total assets increased