Alpha Dhabi records strong first quarter with Revenue of AED 14.2 billion and Net Profit of AED 4.6 billion
Alpha Dhabi Holding PJSC, a rapidly expanding investment holding company in the MENA region, proudly listed on the Abu Dhabi Securities Exchange (ADX: AlphaDhabi), has announced a Group Net Profit of AED 4.6 billion for the first quarter of 2024. This achievement underscores the company's commitment to generating higher shareholder value and executing its strategic vision across key verticals.
The financial results for Q1 2024 demonstrate robust performance, with record revenue reaching AED 14.2 billion, marking an 11% increase year-on-year. The period also witnessed an exceptional 232% jump in net profit from operations compared to Q1 2023, alongside a 29% year-on-year increase in cash balance to AED 21.5 billion.
Eng. Hamad Al Ameri, CEO of Alpha Dhabi Holding, attributed the strong performance to the Group's relentless growth momentum and strategic execution. He highlighted the record revenue and significant increase in net profit as indicators of the pace at which Alpha Dhabi is capturing opportunities across its diversified portfolio and the investment landscape.
The stellar performance in Q1 2024 is credited to organic expansion across the portfolio and strategic acquisitions, underscoring the Group's commitment to enhancing shareholder value. Despite lower total gains compared to the corresponding period in 2023, attributed to the de-recognition of Pure Health and the adoption of Corporation Tax in the UAE in 2024, Alpha Dhabi remains financially robust with total assets of AED 147.4 billion and equity of AED 79.0 billion.
Furthermore, Alpha Dhabi has announced strategic initiatives to drive future growth and expand its global footprint. This includes a joint venture with ADNOC Drilling Company PJSC (ADNOC Drilling), named 'Enersol,' aimed at investing in technology-enabled energy solutions. Additionally, a strategic partnership with ADQ and acquisitions in the hospitality and lifestyle sectors demonstrate Alpha Dhabi's commitment to diversification and expansion.
Al Ameri emphasized Alpha Dhabi's focus on strategic acquisitions, geographic diversification, and rigorous corporate governance practices to deliver strong and sustainable returns for shareholders. Looking ahead, the company aims to unlock exciting opportunities both domestically and internationally, leveraging its portfolio strength and exploring possibilities such as Artificial Intelligence solutions to propel its growth trajectory forward.
