ABU DHABI: Alpha Dhabi Holding has announced a group net profit of AED6.7 billion for the six-month period ending 30th June 2024.
Alpha Dhabi has posted remarkable H1 2024 financial results, with revenue soaring to AED29.3 billion, representing a 32% increase from the same period last year. Net profit from operations also surged to AED5.1 billion, marking 92% year-on-year increase, while gross profit was at AED6.4 billion, a notable 38% YoY increase.
Total gains in the first half of the year at AED2 billion, were lower than corresponding period in 2023 when the group de-recognised PureHealth. The reduction in gains, together with the adoption of Corporation Tax in the UAE in 2024, contributed to a decrease in group net profit, overall.
The results reflect the holding company’s strategic implementation across key verticals and its firm commitment to generating enhanced shareholder value.
The strength of the company’s portfolio contributed significantly with industrial contributing 41%, real estate 30%, con
struction 17%, in addition to energy, hospitality, and climate capital representing 12%.
Alpha Dhabi has also continued to strengthen its balance, with half-year total assets at AED155 billion and cash balance at AED20.7 billion. Half-year total equity was AED81.2 billion, reflecting the depth and resilience of its financial position.
Mohamed Thani Murshed Ghannam Al Rumaithi, Chairman of Alpha Dhabi Holding, said, “Alpha Dhabi has continued to build a resilient and forward-looking portfolio deep into 2024, delivering on what we set out to do at the beginning of the year. As always, our aim is to do well, and to do good – meaning we strive to deliver exceptional performance and to create long-term residual value across the UAE economy for the benefit of its people.”
Hamad Al Ameri, CEO of Alpha Dhabi Holding, stated, “Our net profit from operations surging by 92% to AED5.1 billion, is a firm reflection of how we are deepening our presence in key markets and sectors. As we look towards the rest of the year,
we’re uniquely poised to ramp up our investment activities and align with growth opportunities that we know will add value to our portfolio and deliver impact whenever, and wherever we operate.”
Alpha Dhabi’s diverse portfolio has been a significant driver of its continued growth, with all segments delivering notable performance and contributing to the increase in profit.
Source: Emirates News Agency