Image: Modon Holding
Modon Holding, headquartered in Abu Dhabi, announced a net profit of Dhs2.1 billion for the first half of 2025, marking a remarkable increase of 4.2 times compared to the previous year after adjusting for exceptional items from H1 2024.
This impressive financial performance was fueled by unparalleled real estate sales, enhanced recurring income streams, and ongoing strategic investments.
The group’s revenue surged threefold year-on-year to Dhs6.5 billion, with EBITDA increasing four times to Dhs2.9 billion. Modon attributed its growth to strong contributions from its four core business areas: real estate, asset and investment management, as well as events, catering, and tourism and hospitality.
Real estate propelling Modon’s growth in the first half
Real estate remained the core driver of the group’s growth, producing Dhs3.65 billion in revenue, quadrupling from the previous year. Total sales reached Dhs10 billion, with the Muheira and Nawayef Village projects achieving full sell-out status. Modon’s revenue backlog across all business segments amounted to Dhs33 billion.
The company’s portfolio of recurring income also grew, nearing full occupancy in its leasing assets and benefiting from increased contributions in hospitality and events.
Recurring income now constitutes 44 percent of the group’s overall revenues.
The first half of the year also witnessed significant strategic developments. Modon acquired a complete stake in Arena Events Group, thereby enhancing its international presence in the events and infrastructure sector. Additionally, the group secured a 50 percent interest in the 2 Finsbury Avenue commercial project in London through a joint venture with British Land and GIC.
A new infrastructure initiative named Gridora was introduced in collaboration with ADQ and IHC to spearhead strategic projects both locally in the UAE and internationally.
In May, Gridora initiated a Memorandum of Understanding with the Abu Dhabi Projects and Infrastructure Centre (ADPIC) to facilitate the deployment of Dhs35 billion in transportation infrastructure throughout Abu Dhabi.
Group CEO Bill O’Regan commented, “These results underscore the resilience of our diversified operational framework and our capability to grow across impactful sectors. With record sales, a strong project pipeline, and increasing recurring revenues, we are well-prepared for sustainable growth in the latter half of the year.”
Chairman Jassem Mohammed Bu Ataba Al Zaabi noted that the performance further solidifies Abu Dhabi’s status as a global focal point for investment and urban development.
Modon’s assets increase
The total assets expanded to Dhs85 billion, reflecting a 12 percent rise since the end of 2024, while net debt remained low at Dhs1.6 billion, representing 0.03 times equity.
Looking forward, Modon is set to progress with the development of its 170.8 million square meter Ras El Hekma project in Egypt and aims to broaden its reach in key markets such as the UK, North America, and Spain.
Furthermore, the company plans to capitalize on its recent successes with additional launches, including the Wadeem community, which generated Dhs5.5 billion in sales within just three days of its launch in July.
Modon’s hospitality sector, comprising 2,097 rooms across nine fully owned hotels, contributed Dhs359 million to revenue in the first half of the year.
The events, catering, and tourism division earned Dhs2.2 billion, supported by the integration of Arena, Business Design Centre, and Royal Catering.
With a growing asset portfolio, strong cash flow, and a diversified business approach, Modon is poised to concentrate on long-term value creation, operational excellence, and furthering Abu Dhabi’s economic aspirations.