Alpha Dhabi Achieves AED 4.6 Billion Net Profit In First Quarter Of 2024

Alpha Dhabi Holding has unveiled its financial achievements for the first quarter of 2024, showcasing a robust performance with a Group Net Profit of AED4.6 billion. This figure not only reflects the company's effective strategy implementation across its key sectors but also its dedication to enhancing shareholder value. The first quarter of 2024 saw Alpha Dhabi achieving a record Revenue of AED14.2 billion, marking an 11% increase year-on-year (YoY). Additionally, the company experienced a significant 232% surge in net profit from operations compared to the first quarter of 2023, alongside a 29% YoY increase in its cash balance, reaching AED21.5 billion.

Mohamed Thani Alrumaithi, Chairman of Alpha Dhabi Holding, commented on the results, highlighting the company's continuous growth and its strong commitment to the UAE's key economic sectors. "Our results for the quarter tell a story of continual year on year growth," he stated, emphasizing the company's pursuit of excellence. Hamad Al Ameri, CEO of Alpha Dhabi Holding, echoed this sentiment, noting the company's strong start to 2024 and its ongoing momentum in capturing opportunities across its diversified portfolio.

The impressive performance in Q1 2024 is attributed to organic expansion and strategic acquisitions within the Group's portfolio. Despite a decrease in total gains compared to the previous year and the introduction of Corporation Tax in the UAE in 2024, Alpha Dhabi's financial position remains solid with total assets of AED147.4 billion and equity of AED79.0 billion.

Alpha Dhabi's diverse and agile portfolio has played a crucial role in driving revenue growth and increasing net profit from operations. The company's investments in Industrial, Real Estate, and Construction sectors have significantly contributed to its financial success, representing 37%, 33%, and 18% of the total revenue, respectively.

As Alpha Dhabi continues to navigate through 2024, it remains strategically positioned to pursue further growth ambitions. This includes exploring additional acquisition opportunities and geographical diversification, underlining its commitment to delivering meaningful impact across the UAE's vibrant economy.

With inputs from WAM