Abu Dhabi-listed EDC 2020 profits increase 20.4%

Emirates Driving Company (EDC), a publicly-listed company on the Abu Dhabi Securities Exchange (ADX), announced a 20.39 per cent increase in its net profits to reach Dh126.76 million in 2020, compared to Dh105.29 million recorded in 2019 despite the Covid-19 pandemic that affected businesses and economies across the world.

The company’s revenues increased 14.11 per cent to Dh261.44 million in 2020, compared to Dh229.11 million in revenues in 2019. Earnings per share increased to 1.41 in 2020 compared to 1.17 in 2019.

Emirates Driving Co has trained and qualified approximately 55,000 applicants for driving license in the Covid-19 pandemic-hit 2020.

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.”

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.”

waheedabbas@khaleejtimes.com