Alpha Dhabi Holding, a leading investment holding company in the region, has announced a group net profit of Dh4.6 billion for the first quarter of 2024. This impressive result was driven by a record revenue of Dh14.2 billion, marking an 11 per cent increase year-on-year. The company also reported a significant jump of 232 per cent in net profit from operations compared to the same period in 2023. Additionally, there was a 29 per cent increase in cash balance to Dh21.5 billion, reflecting the company’s strong financial position.
According to Mohamed Thani Alrumaithi, the chairman of Alpha Dhabi Holding, the company’s profitability highlights their ability to execute their growth strategy and commitment to excellence. He emphasized that the results for the quarter demonstrate ongoing year-on-year growth, signaling their dedication to vital sectors in the UAE’s economy both now and in the future. CEO Hamad Al Ameri echoed this sentiment, stating that the company is focused on capturing opportunities across its diversified portfolio and investment landscape to drive future growth and make a meaningful impact on the economy.
The success of Alpha Dhabi Holding in the first quarter of 2024 can be attributed to organic expansion across its portfolio and strategic acquisitions, which have enhanced shareholder value. The company’s diverse and agile portfolio, coupled with key investments and strategic partnerships across various industries, has solidified its position as a ‘partner of choice’. With a total asset base of Dh147.4 billion and a cash reserve of Dh21.5 billion, Alpha Dhabi’s financial health and strategic asset management are highlighted.
Despite a decrease in total gains compared to the same period in 2023, primarily due to de-recognizing Pure Health and the adoption of corporate tax in the UAE in 2024, Alpha Dhabi Holding remains optimistic about its growth trajectory. The company’s joint venture with Adnoc Drilling Company, called ‘Enersol’, has made its first strategic investment by contributing Alpha Dhabi’s 25 per cent holding in Gordon Technologies to the JV. This investment underscores their commitment to exploring new opportunities and expanding their presence in the market.
Looking ahead to the rest of 2024, Alpha Dhabi Holding is focused on unlocking new opportunities in the UAE and expanding its global footprint. The company plans to remain active and agile by exploring innovative solutions, including Artificial Intelligence, to enhance its portfolio and drive growth. The leadership team is determined to take Alpha Dhabi Holding’s growth story to new heights by seizing exciting opportunities and expanding their presence in key markets.
