Alpha Dhabi Holding, a subsidiary of Abu Dhabi's International Holding Company, said its second-quarter net profit surged as revenue more than doubled.
Net profit after tax attributable to the owners of the company in the three-month period to the end of June jumped to more than Dh4.3 billion ($1.2bn), from Dh731 million in the same period a year earlier, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue more than doubled to nearly Dh9bn in the second quarter, from nearly Dh4.5bn in the same period a year earlier, led by a strong performance in the company's healthcare, construction and hospitality businesses.
“Alpha Dhabi has reported a record-breaking set of results … that showcase its resilience and the diversified nature of our platform,” said chief executive Hamad Al Ameri.
“We have witnessed growth and strong contributions from all our verticals. Our excellent financial and investment performance also represents the transformative year that we have had and provides us with a solid foundation to build and drive further value going forward.”
During the second quarter, the company expanded and made strategic investments that boosted its total assets to more than Dh101bn from Dh47bn at the end of 2021.
This year, 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, adding another 2 per cent in the second quarter.
Alpha Dhabi was also a cornerstone investor in the initial public offerings of the Dubai Electricity and Water Authority and Borouge, investing about Dh367m in each.
The company also committed to an investment of Dh9.2bn in the Alpha Wave Futures II Fund. The fund will investment in high-growth businesses enabled and driven by technology, which provide solutions to key problems regionally and globally.
In May, Alpha Dhabi's associate company Q Holding bought developer Reem Investments as part of its strategy to broaden its investment portfolio.
The company's share price was about 1.3 per cent higher at Dh24.36 at the close of trading on Thursday, giving it a market value of about Dh243bn.
Alpha Dhabi, previously known as Trojan Holding, has grown into a regional conglomerate. It was listed on the 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, as well as 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 bought a 65.11 per cent stake in National Marine Dredging Company, which it raised by 3.38 per cent in January, as well as a 40 per cent stake in Response Plus Medical and a 65 per cent stake in 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.
Net profit after tax attributable to the owners of the company for the first half of the year increased to about Dh6.3bn, from about Dh832m in the same period a year earlier.
Revenue in the first six months of the year shot up to more than Dh17bn, from about Dh5.5bn in the same period in 2021.
“As our platform continues to grow from strength to strength, we remain active in seeking and pursuing investment opportunities that meet our financial and return thresholds,” Mr Al Ameri said.
“We are also looking for investments with a strategic element where we can leverage our platform, operating subsidiaries and size to drive further growth. As we continue on our journey to build scale, we will also realise synergies and create significant value for our shareholders.”
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Afcon 2019
SEMI-FINALS
Senegal v Tunisia, 8pm
Algeria v Nigeria, 11pm
Matches are live on BeIN Sports
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
UAE currency: the story behind the money in your pockets
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000
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Company%20Profile
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FIXTURES
Nov 04-05: v Western Australia XI, Perth
Nov 08-11: v Cricket Australia XI, Adelaide
Nov 15-18 v Cricket Australia XI, Townsville (d/n)
Nov 23-27: 1ST TEST v AUSTRALIA, Brisbane
Dec 02-06: 2ND TEST v AUSTRALIA, Adelaide (d/n)
Dec 09-10: v Cricket Australia XI, Perth
Dec 14-18: 3RD TEST v AUSTRALIA, Perth
Dec 26-30 4TH TEST v AUSTRALIA, Melbourne
Jan 04-08: 5TH TEST v AUSTRALIA, Sydney
Note: d/n = day/night
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
Credits
Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5
