Transguard nets $20m profit
Dubai, July 22, 2009
Transguard Group, an Emirates Group company and a leading security services provider in the region, said its net profit for the financial year which ended on March 31, 2009, doubled to Dh75 million ($20 million).
Announcing the results on Wednesday, Transguard Group CEO Dr Abdulla Al Hashimi, said the company's revenue soared 57 per cent to Dh607 million ($165 million) despite the tough trading and funding environment.
“Despite the challenging global economic conditions, the Transguard Group has maintained its exceptional rate of growth. It is a testament to the robustness of the group that it has been able to prosper in the current economic climate,” Dr Al Hashimi stated.
With a full-time staff of over 38,000, the Transguard Group has successfully diversified into business support services covering facilities management, cash management, security training, consultancy, airport services and event management.
Dr Al Hashimi said this process of diversification and consolidation would continue throughout the current financial year and “will be intrinsic to the future success and growth of the group.”
Significant clients of the Group’s security services technology division include Burj Al Arab, Madinat Jumeirah and Halliburton, while its Patrol division is seen as the number one supplier of security guarding services in the region.
Chief financial officer John Nolan said the 2008-2009 financial results are a reflection of measures taken to protect the company against risks associated with the global credit crisis and its effects in the UAE.
These included strengthening risk management and a significant focus on working capital management. “Consequently the company has successfully adapted to the tougher trading and funding environments,” said Nolan.
Looking ahead, managing director Mike McGeever said: “The priority is to further consolidate the group and to continue to develop its commercial profile, ensuring that it is ideally placed for the next wave of growth.
'With this in mind, our key objective for the next 12 months is to replicate this year’s financial performance, a substantial achievement in itself and one which will reinforce our reputation as one of the most reputable and successful companies in the UAE and one with a long and secure future,” he added.
Transguard Group’s facilities management clients include Dubai International Airport Terminal 3, Atlantis the Palm and Emaar Hospitality, while its airside services division provides a range of support services to the Emirates Airline, including cleaning the new Airbus A380 fleet.
Its cash services division has a fleet of some 200 vehicles and has opened a cash management centre in Abu Dhabi and operational offices in Ras Al Khaimah and Fujairah, supporting its main cash centre in Dubai.
Transguard Group’s events division brought international rock group Queen and Paul Rodgers to Dubai and staged the return of Irish star Bob Geldof, as well as White Collar Boxing Fight Night, a successful corporate entertainment event.-TradeArabia News Service
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