Alpha Dhabi reports Dhs7.9b net profit

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Revenues for Alpha Dhabi Group saw cross sector growth across its verticals year-on-year.

Alpha Dhabi Holding has announced its financial results for the half-year ended June 30. The company reported net profit of Dhs7.9 billion, up significantly from the corresponding period last year of Dhs1.7 billion.

Revenues for the Alpha Dhabi Group saw positive contributions and cross sector growth across its verticals year-on-year.

On a half yearly basis, the Group continues to show the strength of its business model, operating structure and ability to execute on its growth strategy with revenues of Dhs17.1 billion, up considerably year-on-year from Dhs5.5 billion for the same period last year.

Alpha Dhabi is also starting to see the benefits of its expansion outside of the UAE with overseas revenue accounting for Dhs2.1 billion, representing a 514 per cent increase year-on-year.

In April 2022, Alpha Dhabi increased its stake in Aldar Properties, solidifying its position as a long term, strategic shareholder and firm believer of Aldar’s growth potential and strategy.

As a result, Alpha Dhabi was able to appoint a majority of Aldar’s Board of Directors resulting in it becoming Aldar’s parent company.

Consequently, Alpha Dhabi’s financial statements include the results and financial position of Aldar as a subsidiary from the date of acquisition. This consolidation has transformed Alpha Dhabi’s financial position and added immense potential and growth opportunities to its already substantial platform.

Hamad Al Ameri, CEO of Alpha Dhabi Holding, said, “As our platform continues to grow from strength to strength, we remain active in seeking and pursuing investment opportunities that meet our financial and return thresholds. We are also looking for investments with a strategic element where we can leverage our platform, operating subsidiaries and size to drive further growth. As we continue on our journey to build scale, we will also realise synergies and create significant value for our shareholders.”

WAM

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