Alpha Dhabi Holding, a subsidiary of Abu Dhabi's International Holding Company, reported a big jump in its first-quarter net profit driven by a surge in revenue.
The Abu Dhabi-based company’s net profit surged to more than Dh1.97 billion ($536 million) in the three months to March 31, compared to Dh100m in the prior year period, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Its revenue during the January-March period rose eight times on an annual basis to nearly Dh8.2bn, compared to Dh1bn in the same period last year.
The company's share price was 0.66 per cent lower at the close of trading on Friday to Dh27.08, giving it a market value of about Dh270.8bn.
Alpha Dhabi, previously known as Trojan Holding, has grown into a regional conglomerate. It was listed on ADX in June last year and has embarked on an expansion spree since then.
Last year, it acquired the entire share capital of Murban Energy, a 70 per cent stake in Mawarid Holding Investment and 100 per cent of the share capital of Sublime Commercial Investment, through which it holds a stake in Aldar Properties.
The company also has stakes in National Marine Dredging Company, Response Plus Medical and Sandstorm Motor Vehicles Manufacturing.
It also invested Dh1bn in Ta'ziz, an industrial service and a logistics organisation and acquired a hotel in the Chechen Republic.
In January, it acquired a 25.24 per cent stake in Al Qudra Holding and increased its share in Aldar Properties, Abu Dhabi’s biggest developer, to 29.8 per cent from 17.5 per cent.
It is also teaming up with Abu Dhabi's holding company ADQ as well as Etisalat and First Abu Dhabi Bank to launch Wio, a new digital banking platform.
Alpha Dhabi, which has a share capital of Dh10bn, generated almost Dh1.3bn net cash from operating activities in the first quarter, a yearly increase of 387 per cent.
Total assets grew nearly 11 per cent on a quarterly basis and stood at more than Dh52.5bn as of March 31.
Alpha Dhabi, which also posted a record profit in 2021, said last month that it plans to further expand its business in core sectors including construction, real estate, health care, hospitality and petrochemicals.
The Abu Dhabi-based company will look at businesses and investments that have “established operations, generate income and are value-accretive to Alpha Dhabi’s portfolio such as the acquisition of a significant stake in Aldar Properties in 2021”, it said.
The company plans to pursue international investment opportunities as part of its wider strategy to boost growth, it added.
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
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Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
THREE
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Publisher: EA Sports
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Rating: 3/5
Sholto Byrnes on Myanmar politics
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
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Specs
Engine: 51.5kW electric motor
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
THE SPECS
Range Rover Sport Autobiography Dynamic
Engine: 5.0-litre supercharged V8
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UAE currency: the story behind the money in your pockets
RESULTS
Men
1 Marius Kipserem (KEN) 2:04:04
2 Abraham Kiptum (KEN) 2:04:16
3 Dejene Debela Gonfra (ETH) 2:07:06
4 Thomas Rono (KEN) 2:07:12
5 Stanley Biwott (KEN) 2:09:18
Women
1 Ababel Yeshaneh (ETH) 2:20:16
2 Eunice Chumba (BRN) 2:20:54
3 Gelete Burka (ETH) 2:24:07
4 Chaltu Tafa (ETH) 2:25:09
5 Caroline Kilel (KEN) 2:29:14
Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
THE DRAFT
The final phase of player recruitment for the T10 League has taken place, with UAE and Indian players being drafted to each of the eight teams.
Bengal Tigers
UAE players: Chirag Suri, Mohammed Usman
Indian: Zaheer Khan
Karachians
UAE players: Ahmed Raza, Ghulam Shabber
Indian: Pravin Tambe
Kerala Kings
UAE players: Mohammed Naveed, Abdul Shakoor
Indian: RS Sodhi
Maratha Arabians
UAE players: Zahoor Khan, Amir Hayat
Indian: S Badrinath
Northern Warriors
UAE players: Imran Haider, Rahul Bhatia
Indian: Amitoze Singh
Pakhtoons
UAE players: Hafiz Kaleem, Sheer Walli
Indian: RP Singh
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Indian: Praveen Kumar
Rajputs
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Indian: Munaf Patel
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It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Chelsea 2 Burnley 3
Chelsea Morata (69'), Luiz (88')
Burnley Vokes (24', 43'), Ward (39')
Red cards Cahill, Fabregas (Chelsea)
