Transguard’s revenues for 2017/18 hits record high $626m
Business solutions provider achieves revenue growth of 22% in the financial year 2017-2018
Transguard Group released its annual figures for the financial year ending 31st March 2018, revealing another record year for the company with increase in revenue, profit and headcount.
The figures, audited by PricewaterhouseCoopers, highlight Transguard Group’s strength in the market, generating revenue of more than $626m (AED2.3bn), a 22% increase over the previous year and profit of more than $44.37m (AED163.43m) and a head count increased by 17% from 55,399 to 64,774.
“These are incredible results, particularly when the tough business conditions we’ve witnessed in the last 12–24 months are taken into consideration. The major contributing factor to our success has been our ability to retain key accounts while also winning some very important new contracts, 470 in total, valued at over AED1.3 billion,” said Dr. Abdulla Al Hashimi, CEO, Transguard Group.
“We have an in-depth understanding of our clients’ requirements which is a direct result of our customer-focused business strategy,” Al Hashmi added.
Transguard maintained its stronghold as a market leader in cash management services, where it currently services more than 90% of the ATM network in the UAE, with the business unit reporting revenue growth of 9%.
The growth has been attributed to innovation and technology as well as strategic partnerships with companies including Gunnebo, which led to the introduction of automated ‘smart’ cash deposit machines across the UAE, saving retailers and banks time and money while also creating efficiencies and a more secure working environment.