Alpha Dhabi posts Dh2.84b net profit
Alpha Dhabi Holding, one of the fastest-growing investment holding companies in the UAE, announced on Wednesday Dh2.84 billion net profit in first quarter 2022, up significantly year-on-year from Dh100 million, amid ramp up of investment activity.
The company, listed on the Abu Dhabi Securities Exchange, recorded strong Q1 2022 performance with record revenue of Dh8.17 billion, representing a year-on-year increase of 700 per cent.
This announcement marks the first set of Q1 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 of this, the comparable figures for Q1 2021 relate to the last reported period prior to the company’s transformational change and listing, Alpha Dhabi said in a statement.
Alphadhabicontinuedtobuildon the momentum garnered towards the end of 2021 with revenues surging by 700 per cent to Dh8.17 billion for the first three months of 2022 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.
“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 portfolio with acquisitions and investments totalling Dh5.21 billion contributing to asset growth over the quarter. The company assets reached Dh52.56 billion, up from Dh47.35 billion as at the end of 2021,”it said.
Hamad Al Ameri, CEO of Alpha Dhabi Holding, said the company’s robust performance over Q1 2022 represents a strong business that is growing and transforming at pace. “We not only delivered an excellent set of financial 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 business combinations in our core and target sectors and geographies as we look to continue generating and creating significant value for our shareholders,” said Al Ameri.
Alpha Dhabi’s balance sheet remains robust, well-funded including a strong cash position of Dh5.81 billion to support and drive the execution of the company’s growth and expansion across both sectors and geographies.
“Our diversified business and investment portfolio, strong financial performance, solid balance sheet fundamentals, and capital available to deploy position us well to deliver on our aspirations from a strategic, financial, and growth perspective through 2022 and beyond,” the company said.
Strategic investments and acquisitions made over the quarter include the 75 per cent acquisition of W Solar LLC, a clean and renewable energy business, which added further diversification to Apha Dhabi’s portfolio and added weight to Alpha Dhabi’s ESG credentials and commitment.
Alpha Dhabi 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 Dh847 million investment in a joint venture to establish WIO Bank which will launch a new digital banking platform 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 portfolio while also pursuing scale and diversification through further acquisitions and business combinations,” the company
Our growth will be underpinned by deploying capital effectively in strategic investments, including through further acquisitions and business combinations in our core and target sectors”
Hamad Al Ameri,
CEO of Alpha Dhabi Holding