EasyLease Records Strong First-Half Revenue Growth, Affirms 2023 Guidance

• The esteemed mobility solution provider reported a remarkable 37.5% year-on-year surge in net revenues for the initial half of 2023.
• The substantial increase was attributed to the UAE market heightened demand for the company’s innovative mobility business solutions.

EasyLease (ADX: EASY LEASE), the leading Mobility Solution company, a subsidiary of Abu Dhabi-based International Holdings Company (IHC), has released its financial results for the first half of 2023, ended on 30 June, reporting AED 139 million in revenue, a significant 37.5% YoY increase over H1 2022, while the company gross profit increased by 18% YoY to reach AED 36.8 million.

Easylease has recently reaffirmed its 2023 guidance and concurrently adjusted its growth outlook for the UAE, Saudi, and Bahraini markets, elevating it from 37.5% to 66%. Additionally, during the same period, the net profit registered AED 16.3 million, compared to AED 22.2 million in the previous corresponding period, mainly impacted by the company’s strategic focus on expanding investments in the development and deployment of new mobility solutions which aligns with its long-term growth plan projections.

“Our first-half performance reinforces our commitment to long-term sustainability and our capacity to achieve the ambitious objectives outlined in our forward 2025 plan.” said Matar Suhail Ali Al Yabhouni, Chairman of of EasyLease.

The demand for mobility solutions in the UAE’s last-mile delivery system is experiencing robust expansion. The favorable attributes of motorcycles, including cost-effectiveness, exceptional maneuverability, and expedited travel, are driving notable growth in the mobility market within the country. Consequently, a multitude of e-commerce, F&B, and other business platforms are embracing motorcycles for their delivery operations. Furthermore, the heightened fuel efficiency and minimal annual maintenance expenses contribute significantly to the escalating demand for motorcycles in the UAE.

The UAE CEP Market size is expected to grow from USD 2.11 billion in 2023 to USD 3.41 billion by 2028, at a CAGR of 10.05% during the forecast period (2023-2028).

Commenting on the results, Ahmad Al Sadah, CEO of EasyLease, said: “As the UAE continues to solidify its position as a prominent e-commerce and smart hub in the region, Easylease is proactively addressing the logistics mobility supply gaps to provide expedited delivery services and enhance customer satisfaction. This strategic focus aligns with our ongoing investment efforts.”

Easylease is strategically ramping up investments in cutting-edge technology and bolstering its infrastructure to expand its market presence throughout the region. Automated solutions are being implemented to enhance the company’s client’s operational efficiency. Moreover, there is a notable emphasis on exploring innovative solutions like autonomous vehicles and drone deliveries to optimize last-mile delivery processes, ensuring greater speed and effectiveness.