4.6 billion dirhams net profits "Alpha antelope" In the first quarter of 2024
Abu Dhabi, 6 May / WAM / Alpha Dhabi Holding Company announced its financial results for the first quarter of 2024, as the group’s net profits during this quarter amounted to 4.6 billion dirhams, which reflects the continued momentum in implementing its strategy across the main business sectors, and its firm commitment to achieving the best value. For shareholders.
The group achieved strong financial results during the first quarter, recording revenues amounting to 14.2 billion dirhams, an increase of 11%, and net operating profits recorded a record increase of 232% compared to the same period in 2023, while the group recorded an increase in liquidity by 29% ( On an annual basis) its cash balance reached 21.5 billion dirhams.
His Excellency Mohammed Thani Murshid Al Rumaithi, Chairman of the Board of Directors of Alpha Dhabi Holding, said: “The profits recorded by Alpha Dhabi Holding confirm our ability to effectively implement our growth strategy and our continuous pursuit of excellence. From a comprehensive perspective, our financial results for this quarter reflected our continued growth on an annual basis. And our firm commitment to sectors vital to the present and future of the country’s economy.”
For his part, Eng. Hamad Al Ameri, CEO and Managing Director of Alpha Dhabi Holding Company, said that the group achieved a strong performance and continued the momentum of business growth. Revenues amounting to 14.2 billion dirhams and the large jump achieved by operating profits by 232% reflected the group’s keenness to seize opportunities across its portfolio. Its diverse businesses and the entire investment landscape.
He pointed out that the group is mainly committed to implementing investments that enhance its position and push Alpha Dhabi’s business towards new horizons of growth and excellence and achieve a tangible positive impact on the vital business sectors of the UAE economy.
The group attributed this strong performance to a number of factors, such as organic expansion within its investment portfolio and strategic acquisitions, which confirms the group’s commitment to enhancing shareholder value. Alpha Dhabi’s diversified portfolio also played a major role in continuing to achieve growth.
During the first quarter of 2024, the group reclassified its investment in Q Holding Company and canceled its status as a subsidiary, so that the group adopted the measurement of its investments at fair value through other income, which led to achieving profits of 1.4 billion dirhams, and the company also achieved “ Bio Health” profits amounted to 0.6 billion dirhams.
The total gains of Pure Health decreased during this quarter compared to the same period in 2023, as a result of the one-time gains achieved as a result of the cancellation of the classification of Pure Health as a subsidiary, in addition to the adoption of corporate tax in the country in 2024, which led to a decrease in the group’s net profits.
The group continued to maintain its strong financial position, with its total assets amounting to 147.4 billion dirhams, while ownership rights amounted to 79.0 billion dirhams.
Alpha Dhabi has a strategic position that qualifies it to move forward in achieving its growth ambitions through further acquisitions and geographical diversification of assets.
The diversity and depth of Alpha Dhabi’s growing investment portfolio constituted an important driver for the growth of its revenues and contributed to increasing net operating profits, as the company’s investments in the industrial, real estate, and construction sectors contributed significantly at 37%, 33%, and 18% of total revenues, respectively.
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