1st August 2023, Emirates News Agency
Alpha Dhabi Holding PJSC (Alpha Dhabi), one of the fastest-growing investment holding companies in the MENA region, has announced its financial results for the six-month period ending 30th June 2023, reporting a Group net profit of AED 10.3 billion, an increase of 30 percent year-on-year (YoY).
The robust results reflect the Group’s strategic implementation across key verticals and its unwavering commitment to generating enhanced shareholder value. Alpha Dhabi’s revenue also saw substantial growth, reaching AED 22.1 billion, a remarkable 29 percent YoY increase from the same period last year.
The first half of the year saw increased revenue across all business segments, alongside the positive impact of strategic acquisitions and investments made since 2022, primarily due to the consolidation of Aldar Properties PJSC starting Q2 2022.
Hamad Al Ameri, CEO of Alpha Dhabi Holding, said, “Alpha Dhabi’s dynamic performance in the first half of the year showcases our strength and the resilience of our diversified portfolio. With a noteworthy revenue of AED 22.1 billion and net profit soaring to AED 10.3 billion, we have experienced significant growth and are steering clear of the global market uncertainties.
“As we navigate the rest of the year, we remain steadfast on our commitment to enhance our core investment activities through strategic partnerships and acquisitions. The joint venture with Mubadala is a testament to our ambition, aiming to deploy up to AED 9 billion into global credit opportunities. This joint venture not only reinforces our investment diversification strategy but also paves the way for Alpha Dhabi to enter into the private credit market.”
“We are proud of the growth and expansion we’ve achieved thus far and remain committed to further strategic developments. Our strong cash position of AED 17.6 billion allows us to confidently invest in growth opportunities across a variety of sectors and geographies and make astute investment decisions that add value to our portfolio and benefit our shareholders in the short and long term,” he concluded.
Alpha Dhabi has also broadened its investment horizon, forming a joint venture with Mubadala Investment Company to co-invest in credit opportunities. Both Alpha Dhabi and Mubadala plan to collectively deploy up to AED 9 billion over the next five years, utilising Mubadala’s strategic partnership with Apollo (NYSE: APO), one of the world’s largest alternative asset managers, to access high-quality private credit investment opportunities. Additionally, the Group made strategic acquisitions in companies Including ADMO lifestyle Limited, and National Corporation for Tourism and Hotels, demonstrating Alpha Dhabi’s commitment to expanding and diversifying its investment portfolio.
The Group’s balance sheet remains resilient with AED 127.9 billion in total assets and a robust cash position of AED 17.6 billion. The slight decrease in total assets and cash balance is mainly due to the derecognition of Pure Health Holding and the utilisation of excess cash by the Group.
Alpha Dhabi’s diverse portfolio has been a significant driver of its revenue growth, with all segments delivering notable performance and contributing to the increase in profit. The company’s portfolios in real estate, industrial, construction, services and other sectors, also contributed significantly, representing 23 percent, 31 percent, 19 percent, and 15 percent of the total revenue, respectively.