Alpha Dhabi reports Dhs2.84b net profit in first quarter of 2022
ABUDHABI: Alp had ha bi holding has announced its financial results for the first quarter of 2022, reporting a net profit of Dhs2.84 billion, up significantly year-on-year from Dhs100 million.
Revenues stood at Dhs8.17 billion for the first three months of 2022, representing a year-on-year increase of 700 per cent 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 ofq 1 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 the first quarter of 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 porfolio with notable acquisitions and investments made totalling Dhs5.21 billion and contributing to asset growth over the quarter, with the company reaching Dhs52.56 billion in total assets, up from Dhs47.35 billion as at the end of 2021.
Key strategic investments and acquisitions over the quarter include the 75 per cent acquisition of W Solar, a clean and renewable energy business, which added further diversification to alp had ha bi’ s porfolio and added weight to Alpha Dhabi’s ESG credentials and commitment.
Alp had ha bi also made two acquisitions to bolster its healthcare vertical, which continues to perform strongly, with the 70.8 per cent acquisition of the Yas Clinic Group and 70.8 per cent acquisition of Tamouh Healthcare.
The company also diversified further through its Dhs847 million investment in a joint venture to establish WIO Bank, which will launch a new digital banking plaform 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 porfolio 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 Dhs5.81 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.”
“Wenotonlydeliveredanexcellentsetoffinancial 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 businesscombinationsinourcoreandtargetsectors and geographies as we look to continue generating and creating significant value for our shareholders.”
Alpha Dhabi Holding has earlier announced its preliminary financial results for the full year of 2021. The company reported revenues of Dhs18.8 billion, reflecting 400 growth compared to Dhs3.80 billion in 2020, while the gross profit touched Dhs5.1 billion in 2021 compared to Dhs218 million for the previous year.
Alpha Dhabi Holding resilient performance was driven by the subsidiaries strong and consistent business activities, mainly by the Health Care, Construction business and Hospitality verticals. With Dhs 10 billion in paid capital and a workforce around 60,000, Alpha Dhabi Holding was in the ideal position to achieve economic diversity and maximizeefficiencybyaugmentingtheperformance of verticals and amplify shareholders value through strategic investments locally and internationally.
Engr.hamadsalemalameri,ceoandmanaging Director of Alpha Dhabi Holding, said: “We have achieved significant progress against our strategic priorities in 2021, culminating in a solid operational performance in the fourth quarter.