Dubai: Alpha Dhabi, the real estate investment company and one of Aldar’s biggest shareholders, pulled out a Dh2.84 billion net profit for first quarter 2022 against Dh100 million a year ago. Revenues came to a fairly robust Dh8.17 billion - representing a year-on-year increase of 700 per cent with contributions from its healthcare, real estate, construction and industrial interests.
For the rest of the year, expect more of the same, especially as Alpha Dhabi ramps up investments. “We not only delivered an excellent set of financial results, but also invested in diversifying and adding scale to our business with strategic acquisitions and investments,” said Hamad Al Ameri, CEO.
“Our growth will be underpinned by deploying capital effectively in strategic investments, including through further acquisitions and business combinations in our core and target sectors and geographies as we look to continue generating and creating significant value for our shareholders.”
The company, which listed on ADX in June last, investments totalled Dh5.21 billion and contributed to ’asset growth over the quarter’. Total assets were at Dh52.56 billion, up from Dh47.35 billion as at the end of December 2021.
The buys include 75 per cent in W Solar llc, a renewable energy business, which added ‘weight to Alpha Dhabi’s ESG credentials’, and there were two acquisitions in healthcare. This was the 70.8 per cent stake in the Yas Clinic Group and the same shareholding in Tamouh Healthcare. The Company also diversified with a Dh847 million investment in a joint venture to establish Wio Bank, UAE’s new digital-only financial services entity.
