Alpha Dhabi net profit up 30% at Dh10.3 billion in H1 2023
Total assets during the period stood at Dh127.9 billion
Alpha Dhabi Holding reported a group net profit of Dh10.3 billion in the first half of 2023, up 30 per cent compared to the same period last year, the company said on Tuesday.
Revenue for the same period stood at Dh22.1 billion, a 29 per cent increase over the year-ago period, and was up across all business segments.
“The company’s portfolios in real estate, industrial, construction, services and other sectors, also contributed significantly, representing 23 per cent, 31 per cent, 19 per cent, and 15 per cent of the total revenue, respectively,” the company said in a statement.
Total assets stood at Dh127.9 billion compared to Dh131 billion for year ended December 31, 2022, following the group “derecognition of subsidiary Pure Health Holding to investment in joint venture”.
“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 Dh22.1 billion and net profit soaring to Dh10.3 billion, we have experienced significant growth and are steering clear of the global market uncertainties,” said Hamad Al Ameri, CEO of Alpha Dhabi Holding.
Investment horizon
During the period, Alpha Dhabi formed a joint venture with Mubadala Investment Company to co-invest in credit opportunities. Both Alpha Dhabi and Mubadala plan to collectively deploy up to Dh9 billion over the next five years, utilising Mubadala’s strategic partnership with Apollo, 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.
“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. 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,” the CEO added.
