Alpha Dhabi’s full-year profit surged 45% on revenue boost
Alpha Dhabi Holding, a unit of Abu Dhabi’s International Holding Company, reported a 45.4 per cent jump in its 2023 full-year profit, driven by higher revenue.
Net profit attributable to owners of the company climbed to Dh10.6 billion ($2.89 billion), the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue jumped 14 per cent annually to Dh45.4 billion, with the company’s industrial, property and construction portfolios contributing 37 per cent, 23 per cent and 19 per cent of the total, respectively.
“We are in a position where we can confidently assess and invest in growth opportunities across a diverse spectrum of sectors and geographies,” said Hamad Al Ameri, chief executive of Alpha Dhabi.
“The group’s focus on strategic acquisitions, geographic diversification and rigorous corporate governance practices across the board ensures that the company continues to deliver strong and sustainable returns for its shareholders.”
The company said 2023 was marked by the “positive impact born out of the strategic acquisitions and investments made since 2022, especially the consolidation of Aldar Properties”.
In 2022, the company increased its stake in Aldar to become the parent company of the property developer.
The move reaffirmed Alpha Dhabi’s position as the largest shareholder in the biggest listed property company in the emirate, as it continues to expand its investment portfolio.
Last year, the company announced a venture with Mubadala Investment Company to co-invest in global credit opportunities. The partners together aim to invest up to Dh9 billion over the next five years.
In May, Alpha Dhabi acquired a 36.4 per cent stake in the National Corporation for Tourism and Hotels for Dh730 million to become the single largest shareholder in the hospitality owner, manager and operator.
In July, it also signed a preliminary agreement with Turkish conglomerate Limak Group to explore business opportunities in various sectors amid the strengthening of ties between the UAE and Turkey.
The company’s total assets reached Dh140.4 billion and a cash position of Dh20.2 billion by the end of last year.