(MENAFN- Khaleej Times)
Abu Dhabi-based Alpha Dhabi Holding announced on Thursday strong first-half performance with revenue soaring 32 per cent to Dh29.3 billion as net profit surged by 92 per cent to Dh5.1 billion while gross profit jumped 38 per cent to Dh 6.4 billion year-on-year.
The first half saw remarkable performance across all business segments, due to the impact of strategic investments, the company said in a statement. The strength of Alpha Dhabi's portfolio contributed significantly with industrial contributing 41 per cent, Real estate 30 per cent, construction 17 per cent, in addition to energy, hospitality, and climate capital representing 12 per cent.
“Alpha Dhabi's diverse portfolio has been a significant driver of its continued growth, with all segments delivering notable performance and contributing to the increase in profit.”
Alpha Dhabi has also continued to reinforce its balance with half-year total assets at Dh155 billion while the company's cash balance was at Dh20.7 billion. Half year total equity was at Dh81.2 billion reflecting the depth and resilience of the financial position.
"Alpha Dhabi has continued to build a resilient and forward-looking portfolio deep into 2024. With our sights firmly set on the future, our portfolio is geared towards catalysing opportunities that will enable and encourage enterprises to transform and adapt through innovation and sustainability," said Mohamed Thani Murshed Ghannam Al Rumaithi, chairman of Alpha Dhabi Holding.
“Now, with our sights firmly set on the future, our portfolio is geared towards catalysing opportunities that will enable and encourage enterprises to transform and adapt through innovation and sustainability,” he said.
Eng. Hamad Al Ameri, CEO of Alpha Dhabi Holding, said the company continues to demonstrate significant performance across its portfolio by adding strategic investments in high growth industries that are shaping the future.
“Yet again, we've underscored that the fundamentals of our business are strong, and we've also made meaningful partnerships and captured exciting opportunities. Our net profit from operations surging by 92 per cent to Dh5.1 billion, is a firm reflection of how we are deepening our presence in key markets and sectors. As we look towards the rest of the year, we're uniquely poised to ramp up our investment activities and align with growth opportunities that we know will add value to our portfolio and deliver impact whenever, and wherever we operate,” said Al Ameri.
Total gains in the first half of the year at Dh2 billion were lower than the corresponding period in 2023 when the group derecognized PureHealth. 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.
The company said the results reflect its strategic implementation across key verticals and its firm commitment to generating enhanced shareholder value.“More specifically, the results demonstrate that strategic investments made across diverse, future-centric industries remains one of Alpha Dhabi's key differentiators as a leading regional investment holding company.”
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