(MENAFN- Khaleej Times) Alpha Dhabi Holding, one of the region's rapidly expanding investment holding companies, has reported a group net profit of Dh4.6 billion for the first quarter of 2024.
The first quarter has been marked with record revenue of Dh14.2 billion, an 11 per cent increase year-on-year. The period also witnessed a stellar jump of 232 per cent in net profit from operations as compared to Q1 in 2023. The group also reported a 29 per cent increase in its cash balance to Dh21.5 billion, said the group listed on the Abu Dhabi Securities Exchange.
“Alpha Dhabi's significant profitability demonstrates our ability to execute our growth strategy, and it points to the ongoing pursuit of excellence.” said, Mohamed Thani Alrumaithi, chairman of Alpha Dhabi Holding.“Overall, our results for the quarter tell a story of continual year-on-year growth, sending a strong signal about our commitment to vital sectors in the UAE's present and future economy.”
Hamad Al Ameri, CEO of Alpha Dhabi, said the company has started 2024 in the same way as it finished 2023, by delivering strong performance and building on its relentless growth momentum.“Our record revenue of Dh14.2 billion and a jump of 232 per cent in net 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 andand deliver meaningful impact across our vibrant economy,” said Al Ameri.
The strong performance in the quarter is attributed to a combination of factors, most notably organic expansion across its portfolio and strategic acquisitions, underscoring the Group's commitment to enhancing shareholder value. Alpha Dhabi's diversified and agile portfolio has been a significant driver for continued growth.
Key Investments and strategic partnerships across energy, construction, luxury hospitality & lifestyle ventures, positioned Alpha Dhabi as a 'partner of choice,' the company said in a statement. Alpha Dhabi's resilient balance sheet is underscored by a total asset base of Dh147.4 billion and a substantial cash reserve of Dh21.5 billion, reflecting excellent financial health and strategic asset management.
“Total gains in the quarter at Dh2.0 billion, were lower than the corresponding period in 2023 when the group de-recognized Pure Health. The reduction in gains, together with the adoption of corporate tax in the UAE in 2024, contributed to a decrease in group net profit, overall,” it said.
The Group's joint venture with Adnoc Drilling Company, named 'Enersol', announced its first strategic investment with the contribution of Alpha Dhabi's 25 per cent holding in Gordon Technologies to the JV. The JV is committed to investing Dh5.5 billion and is actively exploring investment opportunities.
"As we chart the path forward into 2024, we aim to build on this energy by unlocking exciting opportunities here in the UAE while expanding our global footprint. To do this, we will be both active and agile by exploring possibilities, including adopting Artificial Intelligence solutions, that expand and add depth to our portfolio, ultimately taking the Alpha Dhabi growth story boldly forward to newer, greater heights,” said Al Ameri.
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