Alpha Dhabi Holding has revealed its financial results for H1 2024. The group achieved a net profit of AED 6.7B for the six months ending 30 June 2024. Revenue surged to AED 29.3B, a 32% increase year-on-year (YoY).
Net profit from operations climbed to AED 5.1B, a 92% rise from the previous year, while gross profit reached AED 6.4B, up 38% YoY.
Despite total gains falling to AED 2B, due to PureHealth’s de-recognition in 2023 and new corporate tax regulations in the UAE, the overall net profit remained strong.
Chairman Mohamed Thani Murshed Ghannam Al Rumaithi stated, “Alpha Dhabi continues to build a resilient and forward-looking portfolio into 2024, focusing on innovation and sustainability.”
CEO Engineer Hamad Al Ameri added, “Our investments in high-growth sectors are shaping the future. With solid fundamentals and key partnerships, we are set to enhance our investment activities.”
The company’s portfolio across industrial, real estate, construction, energy, hospitality, and climate sectors contributed significantly to its performance.
Total assets were AED 155B, with a cash balance of AED 20B and equity of AED 81.2B.
Key developments include:
- Enersol’s acquisition of a 51% stake in NTS AMEGA for $58M.
- PureHealth’s 53% YoY revenue increase to AED 12.5B and new mental health and paediatric centre partnerships.
- NMDC securing AED 8.4B in projects.
- Aldar issuing a $500M green sukuk and developing a Dubai logistics park with DP World.
- Mawarid and Plenty Unlimited’s indoor vertical farm project in Abu Dhabi.
