Stock - Alpha Dhabi
Alpha Dhabi is starting to flex its investment into overseas markets, and this too would be a future revenue booster. Image Credit: WAM

Dubai: Abu Dhabi investment company Alpha Dhabi holdings reported a more than 350 per cent surge in profit for the first-half of 2022, helped by strength in its overseas businesses as well as recent acquisitions.

Net profit, for the period ending June 30 2022, stood at Dh7.9 billion, significantly higher than the Dh1.7 billion it reported in the first-half of 2021. The company’s revenues jumped to Dh17.1 billion from Dh5.5 billion, a year earlier.

Alpha Dhabi’s overseas revenue surged by over 500 per cent, showing that the company is already benefiting from expansion outside of UAE.

“We have witnessed growth and strong contributions from all our verticals,” said said Hamad Al Ameri, CEO of Alpha Dhabi Holding. “Our excellent financial and investment performance also represents the transformative year that we have had and provides us with a solid foundation to build and drive further value going forward.”

“As our platform continues to grow from strength to strength, we remain active in seeking and pursuing investment opportunities that meet our financial and return thresholds,” said Al Ameri. “We are also looking for investments with a strategic element where we can leverage our platform, operating subsidiaries and size to drive further growth.”

Alpha Dhabi said the results included the financial position of Aldar Properties as a subsidiary since the date of acquisition. In April, Alpha Dhabi became the largest stakeholder in the Abu Dhabi-based real estate developer.

The earnings report follows the first full year since Alpha Dhabi’s successful direct listing on ADX in June 2021. “The first-half of 2022 has seen Alpha Dhabi ramp up transaction activity, building on its strong momentum and performance since its listing on ADX, both on the strategic and financial fronts across its core verticals,” it said.

The company’s growth initiatives, along with the impact of consolidating Aldar, have led to a sizable increase in Alpha Dhabi’s total assets, which have more than doubled from Dh47.3 billion at the end of 2021 to Dh101.3 billion in H1-2022.

Major investments
Apart from Aldar, Alpha Dhabi also made other significant investments.

The company committed Dh9.2 billion into Alpha Wave Ventures II Fund; of which Dh2.6 billion has been contributed to date. The fund targets investments in high-growth, tech-enabled and tech-driven businesses.

Alpha Dhabi also became a cornerstone investor for both DEWA and Borouge IPOs with an investment value of Dh367 million in each.

“Alpha Dhabi continues to bolster its position as a leading player in UAE capital markets and as a supporter of the UAE’s ongoing diversification efforts,” the statement said.