Alpha Dhabi Holding, a unit of Abu Dhabi's International Holding Company, reported a 41 per cent surge in its first-half profit as revenue grew amid new investments and acquisitions.
Net profit attributable to owners of the company for the six month period to the end of June climbed to Dh8.8 billion ($2.39 billion), the company said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue jumped 29 per cent annually to Dh22.1 billion, driven by “the positive impact of strategic acquisitions and investments made since 2022, primarily due to the consolidation of Aldar Properties starting second quarter of 2022,” it said.
Last year, the company increased its stake in Aldar Properties to become the parent company of the property developer.
The move reaffirmed Alpha Dhabi’s position as the largest shareholder in the biggest listed real estate company in the emirate, as it continues to expand its property investment portfolio.
“Alpha Dhabi's dynamic performance in the first half of the year showcases our strength and the resilience of our diversified portfolio,” said chief executive Hamad Al Ameri.
“With a noteworthy revenue … and net profit soaring … we have experienced significant growth and are steering clear of the global market uncertainties.”
Alpha Dhabi, which was previously known as Trojan Holding, has grown into a regional conglomerate with interests in construction, health care, hospitality and industry after completing a series of acquisitions in 2021 and 2022.
Earlier this year, the company announced a venture with Mubadala Investment Company to co-invest in global credit opportunities.
The partners aim to collectively invest up to Dh9 billion over the next five years, leveraging Mubadala’s strategic partnership with Apollo, one of the world’s largest alternative asset managers, to access private credit investment opportunities.
In May, Alpha Dhabi also acquired a 36.4 per cent stake in the National Corporation for Tourism and Hotels for Dh730 million to become the single largest shareholder in the hospitality owner, manager and operator.
Last month, it also signed a preliminary agreement with Turkish conglomerate Limak Group to explore business opportunities in various sectors amid the strengthening of ties between the UAE and Turkey.
“As we navigate the rest of the year, we remain steadfast on our commitment to enhance our core investment activities through strategic partnerships and acquisitions,” Mr Al Ameri said.
The company’s second-quarter profit attributable to owners of the company declined about 47 per cent to Dh2.3 billion as a result of higher costs. Revenue, during the three-month period, however, rose to Dh9.4 billion, from Dh9 billion in the same period last year.
The total assets reached Dh127.9 billion by the end of June.
“We are proud of the growth and expansion we've achieved thus far and remain committed to further strategic developments,” Mr Al Ameri said.
“Our strong cash position of Dh17.6 billion allows us to confidently invest in growth opportunities across a variety of sectors and geographies and make astute investment decisions that add value to our portfolio and benefit our shareholders in the short and long term.”
Fixtures
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UAE currency: the story behind the money in your pockets
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
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Tottenham (Alli 61'), Davies (70')
Red card Jonjo Shelvey (Newcastle)
UAE currency: the story behind the money in your pockets
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
RESULTS
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The biog
Name: Samar Frost
Born: Abu Dhabi
Hobbies: Singing, music and socialising with friends
Favourite singer: Adele
ABU DHABI CARD
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