Alpha Dhabi reports Dhs6.7bn in net profit for H1 2024

Image: WAM

Alpha Dhabi Holding has announced its financial results for H1 2024.

The group reported a net profit of Dhs6.7bn for the six months ending June 30, 2024.

Alpha Dhabi’s H1 2024 revenue surged to Dhs29.3bn, marking a 32 per cent increase year-on-year (YoY).

Net profit from operations rose to Dhs5.1bn, a significant 92 per cent increase from the previous year, while gross profit reached Dhs6.4bn, up 38 per cent YoY.

Despite a decrease in total gains to Dhs2bn, attributed to the de-recognition of PureHealth in 2023 and the adoption of corporate tax in the UAE, the group’s overall net profit remained strong.

Alpha Dhabi is catalysing opportunities for further growth

Mohamed Thani Murshed Ghannam Al Rumaithi, chairman of Alpha Dhabi Holding, commented, “Alpha Dhabi has continued to build a resilient and forward-looking portfolio deep into 2024.

“Our focus on innovation and sustainability drives our portfolio towards catalysing opportunities that enable enterprises to transform and adapt.”

Engineer Hamad Al Ameri, CEO of Alpha Dhabi Holding, added, “Our strategic investments in high-growth industries are shaping the future. With our strong fundamentals and meaningful partnerships, we are poised to ramp up our investment activities and align with growth opportunities that add value to our portfolio.”

Alpha Dhabi’s diverse portfolio, spanning industrial, real estate, construction, energy, hospitality, and climate capital sectors, contributed significantly to its performance.

The company’s total assets stood at Dhs155bn, with a cash balance of Dhs20bn and total equity at Dhs81.2bn.

Key developments reported by Alpha Dhabi in H1 2024

• Alpha Dhabi’s venture with ADNOC Drilling, Enersol, acquired a 51 per cent equity stake in NTS AMEGA for approximately $58m.
• PureHealth reported a 53 per cent YoY increase in consolidated revenue to Dhs12.5bn, with significant growth in the hospital segment. PureHealth also partnered with the Supreme Council for Motherhood and Childhood and Cincinnati Children’s Hospital Medical Center for mental health initiatives and a pediatric centre of excellence.
• National Marine Dredging Company (NMDC) secured projects worth Dhs8.4bn, including major EPC projects with ADNOC.
• Aldar Investment Properties issued a second $500m green sukuk, and Aldar Properties partnered with DP World to develop a logistics park in Dubai.
• Mawarid Holding Investment partnered with Plenty Unlimited to develop indoor vertical farms in the GCC, with the first project in Abu Dhabi set to produce over two million kilogrammes of strawberries annually.