Alpha Dhabi Holding reported a group net profit of Dh4.6 billion for the first quarter of 2024.
The quarter was marked by record revenue of Dh4.2 billion, an 11% increase year-on-year (YoY). The period also witnessed a stellar jump of 232% in net profit from operations compared to Q1 2023.
The group also reported a 29% YoY increase in its cash balance to AED21.5 billion.
“Alpha Dhabi’s significant profitability demonstrates our ability to effectively execute our growth strategy, and it points to the ongoing pursuit of excellence,” said Mohamed Thani Alrumaithi, Chairman of Alpha Dhabi Holding. “Overall, our results for the quarter tell a story of continual year on year growth, sending a strong signal about our commitment to vital sectors in the UAE’s present and future economy.”
The company attributed its strong performance to organic expansion across its portfolio and strategic acquisitions across the energy, construction, luxury hospitality and lifestyle ventures.
CEO of Alpha Dhabi Holding Hamad Al Ameri said, “Our record revenue of Dh14.2 billion as well as a jump of 232% in net profit across our core operations reflect the pace at which we’re moving to capture opportunities across our diversified portfolio and throughout the investment landscape. Fundamentally, we’re primed to continue making investments that position us for future growth and deliver meaningful impact across our vibrant economy.”
Total gains in the quarter at Dh2.0 billion, lower than corresponding period in 2023 when the group de-recognised Pure Health.
In 2023, the company reported a 25% increase in net profit for 2023, reaching Dh13.3 billion. The company’s revenue also rose by 14% year-on-year to Dh45.4 billion.