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Al Habtoor Group reports strong first half, recording 19 per cent revenue growth in 2022 over 2021

26-AUG-2022

• UAE continues vigorous growth despite turbulent markets around the world
• Optimistic for the second half of 2022
• Group declares 36 per cent growth in EBITDA for 2022 H1

Khalaf Ahmad Al Habtoor, Founding Chairman of Al Habtoor Group (AHG), the UAE-based privately-owned diversified business conglomerate, announced a robust performance for the first half of 2022 for the Group, witnessing a growth of 19 per cent compared to 2021 in revenues, and 36 per cent in EBITDA.
 
Al Habtoor said: “We had a good year in 2021 where we saw a very promising recovery post-Covid, and I predicted last November an even better 2022. I am delighted to announce that this year did not disappoint. The revenues in our business's various divisions surpassed the previous year's recovery and pre-Covid times. Numbers don’t lie. AHG’s revenue in H1 of this 2022 vs 2019 grew by 19 per cent in revenues and 95 per cent in EBITDA.
 
“This shows that we have the right strategy and positioning as a group and a country overall. With the ongoing turbulent market environment and geopolitical uncertainties, the United Arab Emirates is showing exceptional resilience due to the vision and policies set by its leadership and complemented by the local businesses.”
 
He added: “As a Group dealing in different sectors, the growth has propagated across all the units. And the performance of our various divisions reflects the sectors of the UAE economy that we operate in. This upward trajectory started due to highly efficient crisis-management skills. And to overcome the significant ongoing challenges, we have taken numerous measures to increase efficiency, consolidate policies and increase revenues.
 
“All our hotels in the UAE are performing remarkably well. Habtoor Hospitality’s year-to-date forecast for H1 of 2022 registered an 82 per cent increase in revenues over the same period in 2021, and 190 per cent in EBITDA, triggered by an overall increase in bookings in town and an ADR-focused policy.”
 
As reported by DTCM, Dubai welcomed 7.12 m visitors in the first six months of 2022, up 183 per cent year on year. And revenue per available room (RevPAR) rose to AED 540 in H1, 21 per cent higher than in H1 of 2019, despite a 22 per cent increase in the number of hotel rooms in the Emirate since then.
 
Chairman Al Habtoor continued: “Al Habtoor Motors, our automotive division, maintains its world’s number one distributor position for Bentley, Bugatti and Mitsubishi, with double-digit revenue growth of 34 per cent for the first half of 2022, and a 190 per cent growth in the EBITDA compared to last year.
 
“With the shortages in supply around the world, disrupted supply chains and massive price increases in materials, the market remained challenging in 2022. But our success is reliant on our strong relationships with the manufacturers and the clients’ trust.”
 
The Group’s car leasing division Diamondlease, with a fleet of more than 12,700 vehicles, declared an increase in revenues of more than 52 per cent in H1 2022 compared to last year, with more than 91 per cent utilization.
 
Al Habtoor commented, “We have doubled our fleet size over the past two years in Diamondlease, and have reshaped our revenue structure, focusing more on the used-car sales and enhancing the client’s experience.
 
He concluded, “The faith in the United Arab Emirates and Dubai’s business environment has never been stronger, witnessed primarily in the increased numbers of enrolments in our schools.
 
“I trust this success will continue for H2 and propagate to 2023. We are on the right track; I am optimistic about our future. We are never entirely satisfied. Our dreams and goals exceed what the world expects from us. I hope they will learn from our successful example.”