Emirates Driving Company (DRIVE) witnesses an increase in net profit despite COVID-19 pandemic
Emirates Driving Company PJSC (EDC), a publicly-listed company on the Abu Dhabi Securities Exchange (ADX), announced a 20.39% increase in its net profits to reach AED 126.76 million in 2020, compared to AED 105.29 million recorded in 2019 despite COVID-19 pandemic that affected by businesses and economies across the world.
The company’s revenues increased 14.11% to AED 261.44 million in 2020, compared to AED 229.11 million in revenues in 2019. Earnings per share increased to 1.41 in 2020 compared to 1.17 in 2019.
Mr. Khaled Al Shemeili – Acting CEO of Emirates Driving Company, said: “Our strong financial performance witnesses the resilience of our business and reflects strong macro-economic fundamentals. With strong financial flow, we are confident of a strong growth in 2021 – a year in which we plan to expand our business in order to provide our services to a larger segment of customers.”
Mr. Khaled Al Shemeili added: “This remarkable performance reflects the sustainable business model and strong leadership that is keen on achieving development year after year, even in the midst of Covid-19 pandemic that the world gone through in 2020, being the year that brought us the biggest challenges in the past twenty years. Since the establishment of our company despite all that we have achieved impressive successes, and therefore, I would like to thank every member of our wonderful team for their strenuous efforts and vital role they played in these successes”.