Alpha Dhabi Delivers Strong H1 Performance with AED 29.3 Billion Revenue and AED 6.7 Billion Net Profit

Alpha Dhabi Holding PJSC ("Alpha Dhabi" or "the Group"), one of the fastest-growing investment holding companies in the MENA region, listed on the Abu Dhabi Securities Exchange (ADX: AlphaDhabi), has announced a robust financial performance for the first half of 2024, achieving a net profit of AED 6.7 billion.

The Group reported a 32% year-on-year increase in revenue, reaching AED 29.3 billion, while net profit from operations surged by 92% to AED 5.1 billion. Gross profit also saw a significant rise, reaching AED 6.4 billion, marking a 38% increase compared to the same period last year.

Total gains in the first half of the year stood at AED 2.0 billion, a reduction compared to the corresponding period in 2023 due to the de-recognition of PureHealth and the adoption of Corporation Tax in the UAE in 2024. Despite these factors, Alpha Dhabi’s strategic investments and operational strength have driven substantial financial growth.

His Excellency Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of Alpha Dhabi Holding, stated: "Alpha Dhabi has continued to build a resilient and forward-looking portfolio deep into 2024, delivering on what we set out to do at the beginning of the year. Our increased revenue for this period last year shows the strength and success of our business. Our portfolio is geared towards catalysing opportunities that will enable and encourage enterprises to transform and adapt through innovation and sustainability."

Eng. Hamad Al Ameri, CEO of Alpha Dhabi Holding, added: “Alpha Dhabi continues to demonstrate significant performance across its portfolio by adding strategic investments in high-growth industries that are shaping the future. Our net profit from operations surging by 92% to AED 5.1 billion is a firm reflection of how we are deepening our presence in key markets and sectors.”

The first half of the year saw strong performance across all business segments, with the industrial sector contributing 41%, real estate 30%, construction 17%, and energy, hospitality, and climate capital representing 12%. The Group's half-year total assets reached AED 155.0 billion, with a cash balance of AED 20.7 billion and total equity at AED 81.2 billion.

Key Developments:

• Joint Venture with ADNOC Drilling: Alpha Dhabi’s joint venture 'Enersol' acquired a 51% equity stake in NTS AMEGA for approximately $58 million. This marks the second transaction with more deals in the pipeline.

• Healthcare Sector Growth: PureHealth delivered strong performance with a 53% increase in consolidated revenue to AED 12.5 billion. The Group partnered with the Supreme Council for Motherhood and Childhood and Cincinnati Children's Hospital Medical Center to enhance healthcare services in Abu Dhabi. Ardent Health, an investment of PureHealth, successfully completed its IPO on the New York Stock Exchange.

• National Marine Dredging Company (NMDC): NMDC was awarded new projects worth AED 8.4 billion, including several major EPC projects. The Group's backlog stands at AED 72.6 billion.

• Real Estate Sector: Aldar Investment Properties issued its second USD 500 million green sukuk, achieving a record credit spread. Aldar also entered a strategic agreement with DP World to develop a Grade A logistics park in Jebel Ali, Dubai.

• Technology and Food Security: Mawarid Holding Investment and Plenty Unlimited Inc. entered a partnership to invest over AED 500 million in a vertical farm in Abu Dhabi, with plans to develop up to five farms in the next five years.

Alpha Dhabi’s diverse portfolio continues to drive its growth, with strategic investments in high-growth industries positioning the Group for sustained success.