Alpha Dhabi Holding has reported record revenue of AED14.2B ($3.87B) and net profit of AED4.6B ($1.25B) for the first quarter of 2024.
That would translate to an 11 per cent year-on-year growth in revenue for the Abu Dhabi-based investment holding company and a spectacular 232 per cent increase in net operating profit from the corresponding quarter last year.
The group also reported a 29 per cent increase in its cash balance to AED21.5B ($5.85B).
The strong performance in the quarter is attributed to organic expansion across its portfolio and strategic acquisitions, with Hamad Al Ameri, CEO of Alpha Dhabi Holding, noting: “Alpha Dhabi has started 2024 in the same way as we finished 2023, by delivering strong performance and building on our relentless growth momentum.
“Our record revenue of AED14.2B as well as a jump of 232% in net operating profit across our core operations reflect the pace at which we’re moving to capture opportunities across our diversified portfolio and throughout the investment landscape.
“Fundamentally, we’re primed to continue making investments that position us for future growth and that deliver meaningful impact across our vibrant economy.”
However, total gains in the quarter were lower than corresponding period in 2023 when the group de-recognised Pure Health. The reduction in gains, together with the adoption of Corporation Tax in the UAE in 2024, contributed to a decrease in group net profit, overall.
Alpha Dhabi’s financial position remains strong, boasting total assets of AED147.4B ($40.14B) as well as having equity of AED79.0B ($29.5B).
A filing at the Abu Dhabi Securities Exchange (ADX), stated: “Alpha Dhabi is strategically poised to forge further ahead its growth ambitions which will include further possibilities for acquisitions and geographical diversification.
“The diversity and depth of Alpha Dhabi’s increasing portfolio has been a significant driver of its revenue growth and contribution to the increase in net profit from operations.”
The company’s portfolios in Industrial, Real Estate and Construction contributed significantly, representing 37 per cent, 33 per cent, 18 per cent, of the total revenue, respectively.
Al Ameri added: “As we chart the path forward into 2024, our aim is to build on this energy by unlocking exciting opportunities here in the UAE as well as expanding our global footprint.
“To do this, we will be both active and agile by exploring possibilities, including the adoption of Artificial Intelligence solutions, that expand and add depth to our portfolio, ultimately taking the Alpha Dhabi growth story boldly forward to newer, greater heights.”
Alpha Dhabi Holding was established in 2013. It now has more than 250 businesses spread across healthcare, renewable energy, petrochemicals and other industries as well as real estate, construction and hospitality, and employs over 95,000 people.
