Abu Dhabi-listed investment holding company Alpha Dhabi reported a group net profit of Dh13.3 billion, an increase of 25 per cent year-on-year.
The conglomerate engaged in multiple business sectors revenue also saw growth, reaching Dh45.4 billion, a 14 per cent increase year-on-year from the same period last year.
Alpha Dhabi said 2023 was positively impacted by acquisitions and investments made since 2022, most notably the consolidation of Aldar Properties PJSC.
Hamad Al Ameri, Managing Director and CEO of Alpha Dhabi Holding, said, “As we advance into 2024, we are on a strong footing to enhance our core investment activities through strategic partnerships and acquisitions. Our joint ventures with ADNOC Drilling and Mubadala is a testament to this ambition, as we will deploy up to Dh2.1 billion into oil field services and Dh1.7 billion into global credit opportunities.”
Global credit powerhouse
Alpha Dhabi had 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.
Of equal significance, the group also formed a joint venture in collaboration with ADNOC Drilling. This venture will spearhead the development of an oil field services technology and solutions platform with commitment amounting to Dh5.5 billion. As part of this, the group contributed its 25 percent stake in Gordon Technologies LLC to Enersol Rsc Ltd for a consideration of Dh320 million.
Additionally, the group made strategic acquisitions in companies including ADMO Lifestyle Limited, and National Corporation for Tourism and Hotels (NCT&H). It also integrated renowned hospitality brands such as Cheval Blanc Randheli, St. Regis Saadiyat Island Resort, Nammos, Em Sherif and Ce La Vi into its portfolio.
Strong balance sheet
Alpha Dhabi’s portfolios in industrial, real estate, construction, contributed significantly, representing 37 per cent, 23 per cent, 19 per cent, of the total revenue, respectively.
The company added that its balance sheet remains resilient with Dh140.4 billion in total assets and a strong cash position of Dh20.2 billion.
Alpha Dhabi also added that it continues to be well-positioned to drive further growth and capitalise on investment opportunities.
“Fundamentally, we are in a position where we can confidently assess and invest in growth opportunities across a diverse spectrum of sectors and geographies, as well as ensure that these investment decisions add value to our portfolio, benefit our shareholders, and deliver real-world impact,” Al Ameri concluded.
