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Palms Sports, a global sports management company and a subsidiary of International Holding Company, hit its target of AED754 million (US$205 million) in new service agreements this year.
Compared to the previous year, this represents a 20% increase in service agreements and the company is targeting AED 285 million in revenue by the end of the fourth quarter.
Under these agreements, Palms Sport has provided more than 1,000 expert Jiu-Jitsu, close combat and fitness instructors to locations in all seven emirates, as Brazilian Jiu-Jitsu remains one of the fastest growing combat sports, not only in the UAE but also in all around the world.
strong momentum
“There is no doubt that the new service agreement will help our business deliver strong revenue and earnings growth in the final quarter of this year and the next three years. Throughout 2022, we have invested in business and service development, further driving The sustainability of our business. We enter 2023 with strong momentum and are moving fast to bring innovation to the world of sports,” said Fouad Darwish, CEO and Managing Director of Palms Sports.
Palms Sports recorded strong financial results in the first nine months of 2022, with a profit of AED 83 million, up 62% from the same period last year. The company’s growth strategy includes organic expansion and investment. Palms Sports is expanding existing projects and programs while securing new contracts with partners in the education and safety sectors, while seeking attractive investment opportunities to leverage its strong cash position.
Brazilian Jiu-Jitsu is one of Palms Sports’ leading training divisions, gaining traction with the rise of MMA as a mainstream sport in the UAE. — trade arab news agency
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