Home Business Alpha Dhabi reports AED2.84 billion in Q1 2022 net profit

Alpha Dhabi reports AED2.84 billion in Q1 2022 net profit

by Dubai Forum
0 comment
Dubai Forum Default

ABU DHABI, 11th May, 2022 (WAM) — Alpha Dhabi Holding has announced its financial results for the first quarter of 2022, reporting a net profit of AED2.84 billion, up significantly year-on-year from AED100 million.

Revenues stood at AED8.17 billion for the first three months of 2022, representing a year-on-year increase of 700% with strong contributions from investments in the healthcare sector, which continue to see strong demand, and from the real estate, construction and industrial verticals, which continue to be drivers of growth for the company.

The announcement marks the first set of Q1 results for Alpha Dhabi since its successful direct listing on ADX in June 2021 and transformation into one of the largest investment holding companies in the UAE. As a result, the comparable figures for Q1 2021 relating to the last reported period prior to the company’s transformational change and listing.

As part of Alpha Dhabi’s ramp-up and execution on its growth and expansion plans, the company continued to add scale across its sizeable portfolio with notable acquisitions and investments made totalling AED5.21 billion and contributing to asset growth over the quarter, with the company reaching AED52.56 billion in total assets, up from AED47.35 billion as at the end of 2021.

Key strategic investments and acquisitions over the quarter include the 75% acquisition of W Solar LLC, a clean and renewable energy business, which added further diversification to Alpha Dhabi’s portfolio and added weight to Alpha Dhabi’s ESG credentials and commitment.

Alpha Dhabi also made two acquisitions to bolster its healthcare vertical, which continues to perform strongly, with the 70.8% acquisition of the Yas Clinic Group and 70.8% acquisition of Tamouh Healthcare. The company also diversified further through its AED847 million investment in a joint venture to establish WIO Bank PJSC, which will launch a new digital banking platform in the UAE.

Backed by a measured investment approach, an active investment pipeline and an agile investment team, the company will continue to deploy capital effectively and look at businesses and investments that have established operations, are profitable and are value-accretive to Alpha Dhabi’s portfolio while also pursuing scale and diversification through further acquisitions and business combinations.

Alpha Dhabi’s balance sheet remains robust, and well-funded, including a strong cash position of AED5.81 billion to support and drive the company’s growth and expansion across both sectors and geographies.

Hamad Al Ameri, CEO of Alpha Dhabi Holding, said, “Alpha Dhabi’s robust performance over Q1 2022 represents a strong business growing and transforming at pace. 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.

Looking ahead, 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.”

You may also like

Leave a Comment

About Us

Dubai Forum your daily news roundup covering news from Dubai, the United Arab Emirates and the Middle East region in general.

We share news about #people, #travel, #fashion, #startups and #Dubai #communities #DubaiForum

Newsletter