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Abu Dhabi / Gulf Time
Palms Sports, a global sports management company with the world’s largest Jiu-Jitsu training academy, and a subsidiary of International Holding Company, has achieved its target for this year hitting AED 754 million in new service agreements total value.
This represents a 20% growth in service agreements compared with the previous year, with the company targeting AED285 million in revenue by the end of the fourth quarter of 2022. Under these agreements, Palms Sport has provided over 1,000 expert Jiu-Jitsu, close combat and fitness instructors to locations across all 7 emirates as Brazilian Jiu-Jitsu continues to be one of the fastest-growing combat sports, not only in the UAE, but also across the world.
Palms Sports recorded a strong set of financials for the first nine months of 2022 with profit of AED83 million, a 62% increase for the same period last year. The company’s growth strategy encompasses both organic expansion and investments.
Palms Sports is expanding existing projects and programs, whilst initiating new contracts with partners in the education and security sectors, while simultaneously identifying attractive investment opportunities to capitalize on a strong cash position.
“There is no doubt that the new service agreements will help our business to achieve strong revenue and earnings growth for this year’s last quarter and for the next three years. Throughout 2022, we have invested in business and service development, furthering the sustainability of our business.â€
We enter 2023 with strong momentum and are moving with speed to bring forward innovations for the sporting community,†said Fouad Darwish, CEO and MD of Palms Sports.
Brazilian jiu-jitsu, one of Palms Sports leading training divisions is gaining traction with the rise of mixed martial arts as a mainstream sport in the UAE.